FBAR Amendment | Gordon Law Group (2024)

Are you nervous about filing an amended FBAR? You’re not alone – many people find the FBAR amendment process confusing and intimidating.

But don’t let fear hold you back from taking action. Failing to file an amended FBAR can lead to costly penalties and legal issues.

Our team of FBAR lawyers can help guide you through the process and ensure that your amended FBAR is fully compliant with IRS regulations.

Contact us today to schedule a consultation!

Did you make an error on a previously filed FBAR? Don’t panic – you can file an FBAR amended return to correct any mistakes.

But before you do, it’s crucial to understand there are hefty penalties forfailure to file an FBAR.

We get it; mistakes happen, but fixing them sooner rather than later is always better.

The IRS offers several penalty relief programs for taxpayers concerned about FBAR violations, including the:

• Delinquent FBAR Submission Procedures
• Streamlined Domestic Offshore Procedures
• Streamlined Foreign Offshore Procedures
• Voluntary Disclosure Program

In addition, taxpayers can submit an FBAR quiet disclosure to comply with FBAR regulations without alerting the IRS.

We recommend avoiding FBAR quiet disclosures since it might involve harsh repercussions from the IRS.

If you don’t file within the IRS’s penalty relief programs, you may be fined if they decide the mistake was intentional or due to carelessness.

However, if the error was due to reasonable cause, you can avoid penalties altogether.

It’s important to act quickly;, the statute of limitations for filing an FBAR amended return is 6 years.

Our FBAR lawyers have extensive experience in helping individuals battle the complex process of filing amended FBARs.

With our team on your side, you’ll be ready to face any challenge that comes your way.

You should file an amended FBAR once you have discovered errors or omissions on a previously filed FBAR.

FBAR amendment is the way to go if there are any errors or omissions on the original form. If you need to amend your FBAR, it’s a good idea to do it as quickly as possible.

An amended FBAR can be filed at any time with the statute of limitations.

Once the IRS has already honed in, you could be at risk of being the subject of an FBAR audit. By then, its too late for an FBAR amendment.

When dealing with the IRS, you must act quickly. Get the help of a knowledgeable FBAR lawyer to understand how to meet your obligations and avoid incurring fees and penalties.

Andrew Gordon, President & Tax Attorney

With our track record of successful outcomes, you can rest easy knowing you’re in good hands.

• Proven FBAR solutions to keep your hard-earned money safe
• Stress-free FBAR compliance, allowing you to focus on what matters
• Effective negotiation skills and legal guidance to save you time and money
• Extensive experience in FBAR-related litigation to protect your financial future

Contact us today to schedule your consultation

Contact Gordon Law Group

Submit your information to schedule a confidential consultation, or call us at (847) 580-1279

To file an amended FBAR, follow these steps:

1. Consult with an experienced FBAR lawyer to help you get started
2. Download and fill out a new FinCEN Form 114
3. Check the box indicating that the form is being filed as an amendment.
4. Provide the corrected information in the appropriate section of the form.
5. Attach a statement explaining why you are amending the form and any additional information that may be necessary.
6. Sign and date the form.
7. Submit the amended FBAR electronically through FinCEN’s BSA E-Filing System. If you initially filed a paper form, you must submit the amended form in paper format.

It can take several months for the IRS to process an amended FBAR. The processing time may vary depending on the amendment’s complexity and the IRS’s workload.

We understand that playing the waiting game is no fun. Our tax attorneys will inform you of every IRS update as your amended FBAR is processed.

FBAR penalties can be civil or criminal, or both.

For non-willful violations, the penalty is usually $10,000 for each year you didn’t file.

For willful violations, the penalty is either $100,000 or 50% of the highest account value—whichever is higher.

Criminal penalties may include fines of up to:

• $250,000 or 5 years in prison for willful violations
• $10,000 or a year in prison for non-willful violations

In some cases, both civil and criminal penalties may apply.

We recommend seeking professional advice if you have questions about your FBAR filing requirements.

I recently worked with Gordon Law Group and was extremely impressed with their knowledge in the field of taxation. They were able to provide me with clear and concise guidance on complex tax issues and helped me navigate the often confusing world of tax law with ease.

Their professionalism and attention to detail were outstanding, and they were always available to answer any questions or concerns that I had.

Artem L.

John Nagle, Head of Tax Law

Contact Gordon Law Group

Submit your information to schedule a confidential consultation, or call us at (847) 580-1279

If you’re facing penalties for an incorrect FBAR filing, make things right now!

Our FBAR lawyers are here to help you navigate the amended filing process and avoid any further negative consequences.

Don’t let a simple mistake derail your finances and future.

Contact us today to schedule your free and confidential consultation!