FBAR Audit - Foreign Account Compliance Examination Process

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When a U.S. person has foreign accounts, they may have to file an FBAR. The failure to file a timely or accurate FBAR may lead to IRS fines and penalties.

When it comes to filing an FBAR — or making the decision to intentionally not file it — there are several FBAR audit triggers to be aware of.

Some of the triggers preventable, and other triggers are not.

But, by filing a timely and complete FBAR, a Taxpayer can significantly reduce the chances of an IRS examination.

Ever since the Internal Revenue Service made foreign accounts compliance a key enforcement priority, they have significantly increased the number audits for willful and non-willful FBAR violations..

We have developed a case-study example to assist U.S. persons understand how an IRS foreign account examination occurs, and why FBAR filers should try to submit to FBAR Amnesty before penalties are assessed or an audit is commenced.