US Expats - Don't forget FBAR Reporting

Might be worth noting that simple failure to report an FBAR (you hadn't ever heard of it) is a $10,000 penalty per account per year and possible jail time. If the omission was deliberate (willful neglect by the treasury official's reckoning), the fine is up to $250,000 and 5 years in jail (I believe also per account per year), each a felony costing the loss of voting privileges, professional certifications, etc. If you do NOT know what the FBAR is, catch up NOW. If you beg the treasury official successfully you may be let off the hook, but maybe not, especially now that FATCA is in place (meaning foreign banks report these accounts now so you would be caught). By the time a friend discovered it several years ago (just by accidentally stumbling over an article), he had about 13 account years in violation, He could have easily been financially wiped out and spent the rest of his life in prison. Remember, moving money from one account to another requires reporting each account. If you've slipped re past years, all too likely if you're getting a bit senile, it would be advisable to catch up and plead your case, in which case you'd better not hope for a second chance. https://www.bragertaxlaw.com/what-are-t … ccoun.html