If you do not file your Form 114 (FBAR) reporting your foreign bank and financial accounts, you can be penalized severely and so can your heirs after your death.Read case law below about the penalty for failure to file FBARS passing on to the taxpayer heirs:
In United States v. Schoenfeld (M.D. Fla. 3:16-cv-1248-J-34PDB), by order dated 9/25/18, here, the Court held (p. 37) that the "the Court finds that the Government's claim did not abate upon Steven Schoenfeld's death." The reasoning for the holding is found at pp. 24-36. The first 24 pages include a short one-page introduction and then 23 pages disposing of procedural issues arising from the death of the person putatively liable that the Government sued after he had died but without knowledge of his death.
There are procedures available that may let you file Form 114 (FBAR form) while you are still alive and avoid or reduce penalties. Don't leave this burden to your heirs. Email us for help at ddnelson@gmail.com and read more on our website at www.taxmeless.com. We are an expert on this issue.
