The IRS and Expats, FBAR penalties

AxelM

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Simply do not have more than $10,000 within any foreign account and you're set
 

Frank2000

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Simply do not have more than $10,000 within any foreign account and you're set
The Bank Secrecy Act (“BSA”) requires a person to file a Report of Foreign Bank and Financial Accounts (“FBAR”), Financial Crimes Enforcement Network (“FinCEN”) Report 114, when that person has a financial interest in, or signature or other authority over, at least one foreign financial account and the aggregate value of all foreign financial accounts exceeds $10,000. While often mistaken for a “tax” form, the FBAR is not technically a tax form. Although the FBAR filing requirement has been around since the 1970s, the Federal Government has significantly stepped up enforcement—and penalty assessment—in more recent years.
 

lunar

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Although the FBAR filing requirement has been around since the 1970s ...
How come this 10,000 limit has never been raised. Back in 70s an average car price was 3.5k, now it is 47k.
 

lunar

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