IRS Obtains a 150% Penalty From an 87-Year-Old Man in Florida for Willfully Not Filing FBARs

On May 28, 2014, a Federal District Court Jury in Florida awarded FBAR penalties amounting to $2,241,809 to the U.S. government for a man’s failure to disclose an offshore account that had a high balance of $1,691,054 during the years that the account was not in compliance with information reporting requirements. This FBAR penalty is equivalent to 150% of the highest account value in the undeclared foreign bank account.

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the IRS Amnesty Program. If you have an undisclosed offshore account contact Thorn Law Group now!