I don’t need to worry about penalties for late filing because I never owe any U.S. tax.
Typically, penalties are calculated based on tax owed, international information returns, such as from 8938 can cost a taxpayer, if filed late, large penalties even of no tax is due. Some related penalties can reach up to $10,000 per form per month. Filing Form FinCEN 114 late or incorrectly can also result in hefty penalties. …
I don’t need to worry about penalties for late filing because I never owe any U.S. tax. Read More »