How FATCA Penalties for individuals work

Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-293-4857. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped!
Contact us at 888-727-8796 if you need assistance with your foreign or domestic tax problem (and yes, your information will be subject to the attorney client privilege). We’ve successfully assisted thousands of clients deal with IRS issues. You can also email us at [e-mail]. www.irsmedic.com
There is a lot of confusion when it comes to understanding reporting requirements for offshore accounts, and the IRS likes it that way. The more errors that are made in reporting (or non-reporting), the more penalties the IRS can assess. We have had many clients come to us because they thought filing an FBAR meant they didn't have to file Form 8938, or vice versa.
The FBAR is not a FATCA reporting requirement; the FBAR comes from a different area of law and has nothing to do with tax evasion. The government wanted to crack down on international crime syndicates and created the 'Bank Secrecy Act of 1970' to prohibit banks from helping criminals move money around the world. Banks were suddenly required to report suspicious activity to the US Treasury Department, and individuals were required to fill out an FBAR if they had certain foreign financial accounts.
As we said, the FBAR form was created to catch criminals and was not related to taxation. As time went on, Congress became concerned about the extent of international tax noncompliance, so in 2010 they enacted the Foreign Account Tax Compliance Act (FATCA). FATCA filing requires reporting for specified foreign financial assets on Form 8938.
The Form 8938 filing requirement does not replace your obligation to file an FBAR. You must file each form and can get penalized on each form individually.
In this video we talk about the different penalties associated with these forms, and also how it affects the statute of limitations on how long the IRS has to assess you.
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[@rightright6582]

The way he immitates an irs agent is incredible. There is a career there. Some how, it made me rialize that these People, the irs, r not willing to help us in case we r audited. Thanks... Hopefuly we see more of that irs attitude towards tax payers

[@V4mpirella]

I have to rewatch this video to understand what my mother just got hit with. I’m so confused hopefully I get some answers from anyone and anything at this point I’m not giving up on my mother she doesn’t deserve to be treated like a criminal when she is not. 😓

[@historychannelr5703]

These seems to be to catch the average Americans .

[@irsmedic]

Correct. If large multinational corporation a missing informational form, they are treated with kid gloves. If the IRS finds a naive taxpayer, they get the FULL BRUNT of the IRS. The reason is the IRS is afraid of a fair fight. The IRS can usually only attack when they believe they can turn a taxpayers into mush. It would seem an equal protection claim but our courts are fairly useless in reigning in their buddies..