Penalties for Late or Delinquent FBAR in 2019

What are the penalties of filing my FBAR late, or not filing at all?

There is no “late FBAR penalty”. There are only non-filing penalties, and the IRS can assess you those non-filing penalties if you file even one day late

If it is determined that you were willful in non-filing, the penalty can be up to 50% of the account value the date the FBAR was due. There are different tiers of penalties. If your account is under $50,000, if the account is between $50,000 and $250,000, between $250,000 and one million, or over one million you will be assessed different penalties. The higher the account balance, the higher the penalty. The cap is 50%, but with the mitigation guidelines, you may actually be below that. Other factors can also affect the actual penalty amount such as the types and number of accounts you have; it’s a fact-sensitive determination.

The maximum non-willful penalty is $10,000 per occurrence.

The FBAR Penalty Statute of Limitations on Assessment (ASED) is 6 years. That means the IRS can assess penalties going back only 6 years, regardless of whether you have filed any FBARs or not.