Unfortunately, the IRS procedures for late filings did not consider the ... the U.S. person must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Penalties for unfiled ...

Last Friday, the United States Supreme Court lifted a nationwide injunction originally issued by the U.S. District Court for the Eastern District ...

Each reporting obligation carries with it late-filing penalties ... Under these procedures, the taxpayer submits the late FBARs to FinCEN with an explanation for their tardiness.

As tax season kicks off in late January, the Internal Revenue Service ... and financial accounts must report these through the FinCEN 114 Report if the total value exceeds $10,000 at any point ...