I'm up to date on my taxes but haven't filed FBARs. What should I do?
The U.S. Treasury requires that U.S. Citizens/GC Holders remain current and compliant with FBAR requirements for the last 6 years. Your options for filing will depend on whether you received unreported interest from foreign bank accounts and whether you are subject to additional reporting requirements.
- If all interest from foreign bank accounts was reported on the original returns, file FBAR through the Delinquent FBAR Submission Procedure without amending your tax returns.
- If interest from foreign accounts was not reflected on the tax returns, file amended returns and FBAR reports through the Streamlined Foreign Offshore Procedure.
- If Form 8938 (Statement of Specified Foreign Assets) aka FATCA was required but not produced, file amended returns, FATCA, and FBAR reports through the Streamlined Foreign Offshore Procedure.
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