If you haven’t filed the FBAR for several years, you’ll need to report your foreign accounts for the years you’ve missed to avoid penalties for non-compliance. Depending on your situation, you can use the Streamlined Filing Program or the Delinquent FBAR Submission Procedures to get caught up penalty-free.
For a more thorough understanding, detailed information can be found in this article:
How to File FBAR Forms That Are Past Due
Fortunately, we have caught up hundreds of clients on their delinquent FBARs, and have yet to see a single penalty. We have found the IRS to be extremely lenient on those who had no clue of their reporting requirement and who came forward voluntarily. Typically we will file the last six years of FBARs for clients, which is enough to get them caught up in the eyes of the IRS.
We can file your FBARs for as little as $115 a year (covers reporting of up to five accounts). For each additional 5 account block, it is $55.
If you have any questions or need any support at all, you are welcome to reach out to help@greenbacktaxservices.com or start a chat on our website!