IRS and the Justice Department continue to be on the prowl for undisclosed foreign accounts, devoting resources to get U.S. owners of the accounts to timely report them each year if the aggregate value exceeded $10,000 at any time during the prior year.
Penalties for nonreporting are stiff: $10,000 apiece for non-willful violations. The larger of $100,000 or 50% of the highest balance in the account for willful failures. If you haven’t reported your overseas accounts for 2020, you can still do so.
People who missed the April 15 deadline to electronically submit FinCEN Form 114 to report foreign accounts automatically have until Oct. 15 to file the FBAR form.