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FBAR Compliance

February 27, 2025

Last Updated on: 29th March 2025, 02:48 am

FBAR COMPLIANCE: WHAT EVERYONE NEEDS TO KNOW

FBAR (Foreign Bank and Financial Accounts Report) is a mandatory filing that was established by the U.S. government to track American citizens and residents who have money in accounts located overseas. Authorities at the Financial Crimes Enforcement Network (FinCEN) oversee this requirement under 31 U.S.C. 5314. Any American who has one or more foreign accounts that were worth more than $10,000 at any point in the year must file this report.

If you ignore this rule, you risk major legal trouble. We at Spodek Law Group, a nationwide federal defense law firm created by Todd Spodek, will not sugarcoat it: Non-compliance can result in steep penalties, criminal charges, or even prison time. This is not a scare tactic. It is the reality that was created by strict federal regulations designed to uncover hidden assets.

WHY YOU MUST FILE AN FBAR

People who were born in the United States and people who were naturalized here have a legal duty to disclose certain foreign accounts. This rule applies if you own the accounts or if you are simply a signer on them. Failure to file can lead to painful consequences, which include heavy fines and lasting damage to your record. The U.S. government wants to prevent tax evasion and money laundering, so it enforces FBAR laws aggressively.

Honesty is key. Officials who were trained to detect hidden offshore funds will not show mercy if they believe you knowingly avoided these rules. If you are behind on filing, now is the time to take action and correct the issue.

POTENTIAL PENALTIES FOR FBAR VIOLATIONS

Each year that was missed can trigger separate fines. These fines may cause serious financial strain that can drain your resources and affect your ability to pay daily bills. In addition, if the government decides you willfully violated the law, you can be exposed to criminal penalties, including potential prison time. Below are direct possibilities:

  • Civil Penalties: Fines that are imposed by FinCEN can reach up to $10,000 per non-willful violation. If your conduct that was deemed willful goes under scrutiny, the fine can be the greater of $100,000 or 50% of the account balance.
  • Criminal Charges: If you’re accused of money laundering or other financial crimes in connection with FBAR issues, you face potential prison time. This is the part that should get your attention, because even a short jail sentence can derail your career and disrupt your family.
  • Long-Term Consequences: A criminal record that was created by a felony conviction can haunt you for years. You might find it harder to pass employment background checks, and you might lose professional licenses.
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We do not tolerate complacency or excuses. If you let this slide, you are gambling with your freedom. Our goal is to push you to handle your FBAR obligations immediately, rather than wait for the government to catch you off guard.

HOW WE DEFEND YOU

Our team that was assembled by Todd Spodek includes seasoned lawyers who have decades of experience handling federal cases. When we defend clients with FBAR issues, we take steps such as:

  • Investigating the Facts: We review documents that were associated with your bank accounts, and we identify key evidence that might show no willful violation. We look for signs of honest mistakes, which can reduce or eliminate penalties.
  • Negotiating with Prosecutors: We talk to authorities at the Internal Revenue Service (IRS) or the Department of Justice (DOJ) on your behalf. We argue that your non-compliance was not malicious, aiming for a civil resolution instead of criminal charges.
  • Challenging Illegal Evidence: Evidence that was illegally obtained can be thrown out, which weakens the government’s case. This can lead to a more favorable outcome, because prosecutors often rely on data that they collected from banks or personal records.
  • Guiding You Through Voluntary Disclosure: Sometimes, we help you file late FBARs through special programs. This can lower fines and reduce the likelihood of jail time.

We won’t tolerate excuses if you come to us late in the game. Our attorneys will expect full cooperation. This is your chance to avoid extreme penalties that could ruin your life.

WHAT YOU MUST DO NOW

Stop procrastinating. Get your foreign account information that was overlooked in order, and face this head-on. From our perspective, ignoring an FBAR issue is an invitation for the government to charge you with something worse. We also know that mistakes can happen, especially if you recently inherited an account or shared one with relatives abroad.

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At Spodek Law Group, we will dig into the root causes of your FBAR troubles. We will force you to organize your records and gather the facts that were overlooked in the past. We will hold you accountable because we care about results, not excuses.

LEVERAGING OUR STRATEGIC APPROACH

We are not interested in surface fixes. Our attorneys who were trained in high-stakes defense build comprehensive strategies designed to protect your freedom and reputation. We look for every angle that can help you avoid conviction. Then, we push harder so we maximize your odds of success.

If you have a mental block or a habit of putting this off, we will tell you exactly what to fix. We know how the system works, and we know the tactics that can keep you safe. That means direct instructions, detailed checklists, and honest feedback on your progress. Expect us to be blunt. Expect us to expect more from you than you think you can handle. This is the only way to secure the best possible outcome.

CONTACT SPODEK LAW GROUP TODAY

Time is not on your side if you have overdue FBARs or pending criminal charges. Prosecutors are building their case while you wait. Contact Spodek Law Group immediately for a risk-free consultation. Our firm has over 50 years of combined experience defending clients nationwide. We understand how to negotiate or fight for you in federal court, and we know how to minimize or eliminate the fallout from FBAR non-compliance.

Call us now. If you do nothing, you are allowing the government to gain the upper hand, which can result in prison time and massive fines. We will not let you hide from this. We will push you to fix the gaps in your compliance so you can get your life back on track.

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DISCLAIMER

Information that is included in this article is for general educational purposes only and does not create an attorney-client relationship. You should not make decisions solely based on this content. We strongly recommend speaking to an attorney licensed in your state for personalized legal advice. Each case is different. Spodek Law Group may work with local counsel in certain jurisdictions. Any results mentioned do not guarantee a similar outcome in your case.

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Todd Spodek

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RALPH P. FRANCHO, JR

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JEREMY FEIGENBAUM

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ELIZABETH GARVEY

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CLAIRE BANKS

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RAJESH BARUA

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CHAD LEWIN

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