How To File A Late FBAR
Many taxpayers with foreign accounts and assets now realize that this year (2017), April 15 is the new FBAR (Report of Foreign Bank and Financial Accounts) filing deadline. As a result, many people are unintentionally late with their FBAR filing. Being delinquent on your FBAR filing requirement is not ideal, so the IRS provides a clear process on how to resolve your FBAR delinquency, helping you come into compliance.
Delinquent FBAR Submission Procedures
Step 1: Review the Instructions – Visit the IRS website to remove any mystery about the agency’s expectations from you during the late FBAR submission process.
Step 2: Include An Explanation Statement – Include a brief, but polite letter informing the IRS as to why your FBAR submission is late.
Step 3: File the FBAR at FinCEN – When filing electronically, select the reason why the FBAR is late.
Step 4: Contact the Regulatory Help Line or a Tax Attorney If Necessary – if your FBAR situation is less straightforward, you may need to seek additional professional guidance.
How An FBAR Attorney Can Help
If you have not been late on your FBAR filing in the past and have generally met the tax obligations expected of you, the IRS is often fairly lenient—or at least open-minded—to working with you to resolve something like an FBAR filing delinquency.
But if you were under investigation or received reprimand from the IRS, and if you failed to pay tax on the income from your foreign accounts, resolving your FBAR issues may be more difficult than you think. In those cases, a qualified and experienced international tax attorney can efficiently and discreetly help you come into compliance and minimize your legal obligation.
The right FBAR attorney can guide you through the complexities of your case and ensure that you receive adequate representation in court or at the IRS.