The IRS and Expats, FBAR penalties

Simply do not have more than $10,000 within any foreign account and you're set
 
AxelM said:
Simply do not have more than $10,000 within any foreign account and you're set
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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.
 
Frank2000 said:
Although the FBAR filing requirement has been around since the 1970s ...
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How come this 10,000 limit has never been raised. Back in 70s an average car price was 3.5k, now it is 47k.
 
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