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4 thoughts on “What Should You Do If You Have Unfiled FBAR Forms?

  1. We moved to USA on 23 Sept 2012. Tax Returns were filed under Dual Residency. For 2013 normal tax returns filed for full year.
    We did not declare foreign income or filed fbar in 2012 and 2013. ( Did not understand USA laws)
    My current CPA filed my amended tax returns for 2012 and 2013 and filed FBAR for 2012 and 2013. His reason were that the income from foreign asset in residency period were only $620 for me and $610 for my wife in 2012 (filing separately) and for 2013 $7010. (Joint filing). But now reading your article I am not sure if this was correct course of action.
    I need to understand my options now.

  2. Hi there, thanks for your very informative article. I would appreciate your opinion. I am resident in the UK since 2007 and have filed tax returns with IRS every year. I have not had any US income or tax liability in those years, all my income is taxed in the UK. However, I was unaware of the FBAR until very recently and am currently preparing my return for 2013. If I now file FBARs for the previous years, do you think I can go for the “Quiet Disclosure” option you mention? Thanks, BD

    1. Hi Brendan, there is always a risk with “quiet disclosure” as it is discouraged by the IRS. The extent of the risk depends on the extent of your account values. However, given that you have filed a US tax return you are likely at higher risk of being considered a willful non-filer. The decision on how to file is a complex one and should be based on the facts of your situation and a thorough analysis and legal review – the risk of penalty shouldn’t be downplayed.

      If you would like a quote, please click on the link below for a free quote:

      http://www.taxsamaritan.com/tax-return-getting-started/tax-quote/

      Best regards,
      Randall

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