Filing FBAR for Previous Years Services

Yes. A missed FBAR can still be filed late through FinCEN's BSA electronic filing system. How you file matters, though. If all the income from those accounts was reported on your tax returns and you haven't been contacted by the IRS, the Delinquent FBAR Submission Procedures may fit. If income was left off, the Streamlined Filing Compliance Procedures, which pair amended or late returns with the FBARs, are usually the better route for people whose failure wasn't willful. We sort that out before anything is filed.

FinCEN Form 114, the Report of Foreign Bank and Financial Accounts. A U.S. person generally has to file one for any year in which the combined highest balances of their foreign financial accounts went over $10,000, even for a single day. Bank accounts, brokerage accounts and some foreign pension or insurance products can count, as can accounts you only have signature authority over.

For each account and each year: the bank's name and address, the account number, the type of account, who owns it, and the highest balance during the year, converted using the Treasury year end exchange rate. Old statements are the best source. We'll also want your tax returns for those years so we can see whether the account income was reported.

They can be, which is why the approach matters. FBAR penalties differ sharply depending on whether the failure was willful or not, and the IRS considers the reason the reports were missed, whether the income was reported and your compliance history. The relief procedures exist for people who come forward on their own. We review your facts first and explain where you likely stand before you file.

Sometimes. The FBAR itself isn't part of your tax return, but the interest, dividends or gains from those accounts belong on Form 1040, and larger holdings may also call for Form 8938 under FATCA. If any of that was missed, you may need amended returns (1040-X) as part of the catch up. If everything was reported correctly, the FBARs alone may be enough.

It mostly comes down to records. One or two accounts with statements in hand can be done quickly. Several years across multiple countries, with a foreign company in the mix or a bank that's slow to send old statements, takes longer. Sending us your statements and prior returns early is the single best way to speed things up.

Yes, for the tax side. FBARs go to FinCEN, but late reporting usually touches IRS matters too: amended returns, Streamlined Filing Compliance Procedures submissions, penalty questions and sometimes a balance due. The founder is an IRS Enrolled Agent with unlimited practice rights and can represent you with the IRS on all of it.

Ask the foreign bank for historical statements or year end balance letters right away, since some institutions take weeks to respond. In the meantime, collect anything you have: old emails, tax slips from that country, transfer records. Please don't estimate balances on a filing. We'll help you document what exists and decide how to handle gaps.