The Secretary of the Treasury and the IRS require United States citizens to report any relations with foreign banks to the U.S. government through a Report of Foreign Bank and Financial Accounts Form, or FBAR. 31 U.S.C. § 5314, 31 C.F.R. § 1010.350. The maximum penalty for a willful violation of this reporting requirement is either $100,000 or 50% of the balance of each bank account at the time of the violation, whichever is the greater amount. 31 U.S.C. § 5321(a)(5)(C)(i), (D)(ii).

It’s always a terrible feeling to be late. It can incite panic as you rush to finish a task. Being late by just one day has disqualified mayoral and Presidential candidates from making it onto the ballot. In the bankruptcy context, being a day late can prevent you from escaping from sizable debts. If only you had one day more!