If the IRS discovers you have foreign accounts and are not filing form 114 (FBAR) form by June 30 following the end of each fiscal year they can assess civil penalties of $10,000 US or more for each year you failed to file that form. There is still time to file this form late but avoid penalties under certain circumstances. Contact us if you wish to know more or want help filing your forms late.
You must go back six years due to the statute of limitations governing that form. If you did not file a correct one in past years, best to amend also to avoid potential problems. Write us at firstname.lastname@example.org or visit our website at www.taxmeless.com
LINK TO CHECK OUT IF YOUR FOREIGN BANK OR FINANCIAL INSTITUTION IS REPORTING TO IRS FATCA Foreign Financial Institution (FFI) List Search and Download Tool