Hey everyone, Mike to bliss here. Welcome back to the webinar. I'm your lifeline for form 8938. We're now up to module 4 in the webinar series. Here in module four, we're going to cover the form 8938 penalties as well as the statute of limitations. As tempting as it might be to look up in the sky in total exasperation over the maze of form 8938 requirements and put down whatever comes to mind on a form 8938 merely to appease the IRS, this, my friends, would be a recipe for disaster. Very simply, it could trigger a number of parade of horribles, and we're going to get into some of those parade of horribles in these slides. Like other penalties in the international arena, the form 8938 penalty brings with it all the fury of a gigantic tidal wave pounding the shore relentlessly. Now I realize that that's a powerful metaphor, but it is very appropriate for the type of penalties that a taxpayer faces for failing to file form 8938. Let's begin with the first penalty that the taxpayer can expect the IRS to assert upon failing to file form 8938. Now, there are others, so what we're going to do is start with the first type of penalty and then discuss the others that may or may not apply. Very simply, if the taxpayer fails to file form 8938 in a timely manner, then he must pay a penalty of ten thousand dollars. What does the IRS mean by a timely manner? Well, very simply, by the filing deadline. So if the filing deadline for the taxpayer's form 8938 comes and goes without the taxpayer filing that form, then he must pay a penalty of ten thousand dollars. And as we all know, the IRS is a stickler for enforcing...
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