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Streamlined Filing - 3 Years

FBAR for Streamlined Filing Procedure (6 Years)

Summary

Yes, you need to file FBARs when using the Streamlined Filing Compliance Procedures, and you must file FBARs for the past six years if you have not previously done so. The FBAR filings are an essential part of the process of coming into compliance with U.S. tax and reporting obligations for foreign financial accounts. Ensure that all the required information is disclosed accurately to avoid potential penalties.

Description

Yes, if you are using the Streamlined Filing Compliance Procedures (including the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP)), you must file FBARs (Foreign Bank Account Reports) if you have foreign financial accounts that meet the reporting thresholds.

FBAR Requirement in Streamlined Filing Procedures

The FBAR (FinCEN Form 114) is required for U.S. persons (including U.S. citizens and residents) who have foreign financial accounts exceeding a total value of $10,000 at any time during the calendar year. This is a separate filing from your tax return and must be submitted electronically to the Financial Crimes Enforcement Network (FinCEN), not the IRS.

When participating in the Streamlined Filing Compliance Procedures, you need to ensure that:

  • You file any past FBARs that were due for the last six years.
  • You disclose all foreign financial accounts on the FBARs (including bank accounts, investment accounts, and other financial assets) if their combined value exceeds $10,000 at any point during the year.
  • Your FBAR filings must be consistent with the tax returns and Form 8938 (if required) that you submit under the Streamlined procedures.

Streamlined Filing Procedures and FBAR

As part of the Streamlined process:

  • If you have not filed FBARs for previous years: You will need to file all delinquent FBARs for the past six years as part of your compliance submission. The IRS will consider your FBAR filings when reviewing your case under the Streamlined procedures.
  • FBAR Filing Deadlines: The FBAR must be filed annually by April 15 (with an automatic extension to October 15).
  • Penalties: One of the benefits of the Streamlined procedures is that non-willful violations of FBAR filing requirements are eligible for reduced penalties or even no penalties, as long as the failure was non-willful (i.e., not intentional). However, if it is determined that the failure to file FBARs was willful, more severe penalties may apply.
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