(CLICK HERE) MUST READ - 6 REASONS WHY YOU SHOULD FILE YOUR TAX RETURN*FBAR*FATCA
Did you know that starting 2020, Korean bank account transaction histories of U.S. citizens and permanent residents (green card holders) are being sent to the IRS?

Previously, the IRS was unable to identify those who met the FBAR reporting requirement (U.S. person's aggregate balance for foreign financial accounts over $10,000 during the year) but failed to file their FBAR. However, with the development of a database that can identify those who need to file, the IRS is now able to easily find those who should have but did not file FBAR.

In prior years, the IRS only targeted high-net worth individuals due to the lack of workforce and data. However, now the IRS is equipped with an electronic data system that allows them to identify in batches those that need to file FBAR. With this development, the IRS is expected to enforce these reporting requirements.

The only way you can abate FBAR penalties after receiving a notice from the IRS is by hiring a professional and paying high service fees and litigations costs. Prevent this from happening by asking Uncle Sam or another tax professional if you have any questions or concerns, no matter how small it may seem at the time.

All U.S. citizens and permanent residents (green card holder) whose foreign financial accounts have an aggregate value over $10,000 must file FBAR!

Complete your reporting obligation by investing 10 minutes of your time with Uncle Sam!