What is the penalty for failing to file Form 8938, Statement of Specified Foreign Financial Assets, after receiving a failure to disclose notice?

The penalty for failing to file Form 8938, Statement of Specified Foreign Financial Assets, after receiving a notice of failure to disclose is indeed $30,000. This specific penalty applies to taxpayers who do not comply with the reporting requirements after having been alerted by the IRS about their obligation to file. The IRS remains focused on ensuring transparency regarding foreign assets for tax purposes, and the penalties increase in severity for ongoing noncompliance.

The fact that this penalty applies specifically after a notice is critical, as it underscores the responsibility of the taxpayer to respond adequately to IRS communications regarding their filing obligations. Thus, once a taxpayer has been informed, a higher penalty is warranted to encourage compliance and reporting of foreign financial assets appropriately.