This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Is anyone on this board aware of penalties being assessed for late 8938s?
I spoke with 2 tax attorneys today and asked them, and they didn't really have an answer for me. I guess they don't have enough clients with that issue to know. They did, however, say that the IRS guidelines indicate the penalty is to be charge per account, so if you miss it in one year you could be looking at truly massive fines.