Filing a late FBAR: the process
Until tax year 2015, the deadline for filing an FBAR is June 30 of the following year. In other words, the deadline for a 2015 Foreign Bank Account Report is June 30, 2016. The rules have changed starting with tax year 2016. The deadline for a 2016 FBAR is April 15, 2017. However, unlike before, the deadline can now be extended by filing an application for extension of time to file by the original due date.
Potential penalties for filing an FBAR late can be substantial. Failing to timely file a complete and correct FBAR may result in a penalty of up to $10.000 if the failure to file is non-willful. For willful violations, the penalty may be the greater of $100.000 or 50% of the balance in the account at the time of the violation. These amounts apply per violation: the amounts double for failure to file a complete and correct FBAR two years in a row.
We strongly recommend that you become compliant as soon as possible. Please contact us with any questions you may have. Our tax professionals have helped many U.S. taxpayers become compliant. We guarantee swift and hassle-free preparation and filing of your FBAR. This is our FBAR filing process:
Late FBAR filing process
GET IN TOUCH
Complete the Contact Form and a tax professional will contact you as soon as possible.
SEND YOUR INFORMATION
Send us the information required for us to prepare your FBAR. Your tax professional will explain exactly what is needed.
WE PREPARE YOUR FBAR
Your tax professional prepares your FBAR and sends it to you for your review.
WE FILE YOUR FBAR
As soon as you have approved your FBAR, we file it. The authorities usually confirm receipt within 3 business days.