Delinquent FBAR Procedures | Relief Procedures For Former Americans | Compliance Alternatives

For help with a US tax problem, go to
https://www.irsmedic.com/offshore to schedule a time to speak with us.


00:00:00 Introduction
00:02:52 Late FBAR Relief procedures
00:46:10 IRS Relief Procedures for Former Citizens


Link to John's slides: https://drive.google.com/file/d/1U-m9...


We discussed the Delinquent Information Return Form (DIRF) process on July 31, 2024, and likewise, for people who have missed filing their Report of Foreign Bank Accounts, or it acronym FBAR, or aka Form 114, orTD F 90.22-1 many fear the worst.

Yet as well here are delinquent FBAR procedures that taxpayer can utilize to neasly eliminate FBAR penalty risk.

In this video 20-year international tax attorney Anthony Parent discusses who these procedures are for and when to use themwith long time guest, John Richardson of citizenshipsolutions.ca and Keith Redmond, Advocate for and consulate to the American overseas.

For more on the process go to

https://www.irs.gov/individuals/inter...



Taxpayers who do not need to use either the IRS Criminal Investigation Voluntary Disclosure Practice or the Streamlined Filing Compliance Procedures to file delinquent or amended tax returns to report and pay additional tax, but who:

have not filed a required Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN Form 114, previously Form TD F 90-22.1),
are not under a civil examination or a criminal investigation by the IRS, and
have not already been contacted by the IRS about the delinquent FBARs

should file the delinquent FBARs according to the FBAR instructions.
Follow these steps to resolve delinquent FBARS

Review the instructions.
Include a statement explaining why you are filing the FBARs late.
File all FBARs electronically at FinCEN’s BSA E-Filing System.
On the cover page of the electronic form, select a reason for filing late.
If you are unable to file electronically, you may make an inquiry using the various contact options at Regulatory Help | FinCEN.gov to determine possible alternatives to electronic filing.

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.
Your Offshore Compliance Options
IRS Criminal Investigation Voluntary Disclosure Practice
Streamlined filing compliance procedures
Delinquent international information return submission procedures


https://www.irs.gov/individuals/inter...