Late, Past Due FBAR – Get Expert FBAR Help – Tax Attorneys, Tax Lawyers, CPA’s – FBAR Experts
We are a full service AFFORDABLE tax firm that specialized in IRS FBAR problems.
We are true experts in Fbar filing compliance and tax settlements with the Internal Revenue Service.
We are comprised of tax attorneys, tax lawyers, certified public accountants and former IRS agents managers and tax instructors who been in private practice since 1982.
Call us today or Skype us today for a free initial tax consultation and speak directly to true FBAR tax experts.
You can speak directly to a tax attorney or tax lawyer if you want to retain attorney-client privilege.
What you need to Know = Delinquent FBAR Submission Procedures
Taxpayers who do not need to use either the OVDP (described in section 1 above) or the Streamlined Filing Compliance Procedures (set forth in section 2 above) to file delinquent or amended tax returns to report and pay additional tax, but who:
- (1) have not filed a required Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114, previously Form TD F 90-22.1),
- (2) are not under a civil examination or a criminal investigation by the IRS, and
- (3) have not already been contacted by the IRS about the delinquent FBARs
should file the delinquent FBARs according to the FBAR instructions and include a statement explaining why the FBARs are filed late.
All FBARs are required to be filed electronically at FinCen.
On the cover page of the electronic form, select the reason for filing late.
The IRS will not impose a penalty for the failure to file the delinquent FBARs if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign financial accounts reported on the delinquent FBARs and you have not previously been contacted regarding an income tax examination or a request for delinquent returns for the years for which the delinquent FBARs are submitted.
FBARs will not be automatically subject to audit but may be selected for audit through the existing audit selection processes that are in place for any tax or information returns.