Delinquent FBAR Procedures for Taxpayers Seeking Compliance in U.S. or Abroad - Golding & Golding

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Delinquent FBAR Submission Procedures
While there are many different types of international information reporting forms that a U.S. taxpayer may have to file each year to report their foreign accounts, assets, and investments to the Internal Revenue Service, the FBAR (Foreign Bank and Financial Account Reporting) is the most well-known out of all the foreign forms. Unlike several of the other international reporting forms, the FBAR is filed electronically and directly on the FinCEN website and not to the IRS. This is because the FBAR is not technically an IRS form (although the IRS is tasked with enforcement and compliance). Many taxpayers who are out of compliance will not learn until several years have passed by that they should have been filing the FBAR form each year. To try to avoid or minimize fines and penalties, taxpayers have various FBAR offshore amnesty programs available to them. One of the best programs that the taxpayer may have available to them is the Delinquent FBAR Submission Procedures (DFSP) -- but there are various specific requirements to be aware of before making a delinquent FBAR submission. Let's walk through the basics of the Delinquent FBAR Submission Procedures.