Hello and welcome to Sherayzen Law Office Video Blog. My name is Eugene Sherayzen and I’m an International Tax Attorney and owner of Sherayzen Law Office, Ltd.
We’re continuing a series of blogs from the Czech Republic, Prague. Today I would like to talk more about FBAR Penalties. In a recent blog, I described the Civil FBAR Penalties and today I would like to answer a question that worries a lot of US Taxpayers with Undisclosed Foreign Accounts, including foreign accounts in the Czech Republic.
Can FBAR Penalties be Criminal? The answer unfortunately, is Yes. The FBAR Penalties in grave situations may carry a sentence of up to five years in prison and if the FBAR Penalties are combined with noncompliance with other US Tax Laws then the potential sentence can be increased to up to ten years in prison.
Thank you for watching, until the next time.