Streamlined Procedures and the FBAR
If you do not need to file delinquent or amended tax returns, but you do need to file a delinquent or amended Foreign Bank Account Report (FBAR), you do not need to use the Streamlined Procedures. Instead, if you meet certain requirements, you should file your FBAR according to the standard instructions. The IRS will not impose a penalty for the failure to file the delinquent FBAR if you properly reported on your tax return, and paid all tax on, the income from the foreign accounts reported on the delinquent or amended FBAR.
Penalties are waived if you are not under a civil examination or a criminal investigation by the IRS and you have not already been contacted by the IRS about the delinquent FBAR.
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.
For more information about the late FBAR filing process, click here. We guarantee swift and hassle-free preparation and filing of your FBAR.