8938 penalties

RSmithers · Post by **RSmithers** » Mon Feb 10, 2014 9:32 pm

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.

RSmithers · Post by **RSmithers** » Tue Feb 11, 2014 7:34 am

In addition,

Does anyone know of situations where penalties were NOT assessed? Or were abated and under what circumstances?