Not Filing a FBAR For Offshore Accounts Could Result in Prison

A professor pleaded guilty to conspiracy and had to pay a $100 million penalty to the IRS for failing to file a Foreign Bank Account Report regarding offshore accounts with the government, as well as was sentenced to 7 months in prison.   Failure to file an FBAR can result in a penalty of up to 50% of the offshore account balance. If you need help with filing these forms and working out an arrangement with the IRS, call us for a free consultation.