Filing an F bar can be annoying and a necessary breach of privacy. Believe it or not, it is more complicated than one would imagine. So, the question becomes: Do you really have to file an F bar? Can you get away without filing an F bar? Can you cheat the IRS by not filing an F bar? Watch this video and we'll give you some insight. Hi, I'm Anthony Parent of Parent & Parent LLP IRS medic, and I'm here to talk about what happens when you don't file an F bar and if you can get away without doing it. Before you laugh, there was actually a time when you could get away without filing an F bar and have zero consequences. It's important to understand the history behind it, and then it kind of makes sense. The F bar filing requirement began with the Bank Secrecy Act of 1970. Yet, for decades, nobody really filed an F bar. Or if you did, the importance of it was never really seen. The reason why was because F bars weren't enforced. Why? Well, because the F bar is not an IRS form, it's a Financial Crimes Enforcement Network (FinCEN) form. FinCEN was in charge of administering F bar penalties. Well, they didn't look at F bars as enough of an issue to bother administering them. So, no one ever really did anything. That changed when the authority of these F bar penalties switched to the IRS and now the IRS looks at the F bar penalties as a way to penalize people for tax non-compliance as well. So, in the last 10 years, it's all changed. F bar penalties went from something the IRS didn't even care about to now a key IRS focus, and its agents are quite happy to...
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Video instructions and help with filling out and completing When Form 2220 Filing
