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June 2014 – IRS Awards FBAR Penalty Equal to 150% of the Value of the Foreign Account
June 12th, 2014Every U.S. citizen or resident alien is required to annually report any interest that he or she has in any foreign bank account or other financial instrument with a balance in excess of $10,000. The “Foreign Bank Account Report” (“FBAR”) must be filed by June 30 for foreign accounts held during the previous year.