What do I do if I haven’t filed FBAR for several years?

By November 8, 2018

We can only recommend that you just file it as soon as possible. This is what many previously delinquent filers are doing. They may have only recently been made aware of the FBAR filing requirements, did not know they were required to file, or they were unfamiliar with the kinds of accounts they had to file for. The reasons vary, but they are now scrambling to get back on the grid.

The process involves filing your delinquent FBARs electronically via the Department of Treasury’s FinCEN (Financial Crimes Enforcement Network), along with an explanation why the reports are being filed late. According to the IRS website: “The IRS will not impose a penalty for the failure to file the delinquent FBARs if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign financial accounts reported on the delinquent FBARs, and you have not previously been contacted regarding an income tax examination or a request for delinquent returns for the years for which the delinquent FBARs are submitted.”

Aaron Fernandes

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