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. Cost - $500 for 6 years of filing (up to 5 accounts per year).
- If interest from foreign accounts was not reflected on the tax returns, file amended returns and FBAR reports through the Streamlined Foreign Offshore Procedure. Cost - $1,400 and $300 for Streamlined Certification Letter.
- 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. Cost - $1,400 for the SP + $240 ($100 X 3 * 20% discount for multiple years) for FATCA (Form 8938) and $300 for Streamlined Certification Letter.