Unchained Financial Services

Unchained Financial Services Taxes, Bookkeeping, and Accounting Services Business Setups & Mess-ups. tax matters.

Bookkeeping & Accounting, Human Resources, Project Work, and Unrestricted rights to represent all taxpayers before the IRS. We accept clients in all states as well as foreign taxpayers needing representation in U.S.

08/20/2026
05/01/2026

What constitutes the high water mark of an account? The high water mark denotes the highest balance or value attained in an account at any point during a specific reporting period, typically a calendar year. Within the context of Foreign Bank Account Reporting (FBAR), the high water mark serves as a benchmark to ascertain the maximum amount of funds present in a foreign account. For FBAR purposes, the high water mark is utilized to calculate penalties for non-compliance. According to relevant guidelines, the penalty for willful non-filing can amount to up to 50% of the high water mark of the account. Consequently, if the account balance reached a peak of $100,000 during the reporting period, the penalty could amount to up to $50,000.

04/12/2025

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8560 W. Sunset Blvd, Suite 400
West Hollywood, CA
90069

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