This post appeared on the RenounceUScitizenship blog.
#FBAR – Your new Best Friend Forever? You decide! | AccountingWEB http://t.co/cfQ5lObz60 – Reasonable cause and automatic penalties
— U.S. Citizen Abroad (@USCitizenAbroad) July 2, 2013
Since the filing of FBARs online became possible I have heard various things about whether and/or how penalties are to be assessed. Effective July 1, 2013, the presumption is that FBARs are to be e-filed. This raises the question of filing FBARs online and the possibility of penalties. The issue is described by David Treitel as follows:
