Fbar

[RightOn]

A client has an oversea account with balance more than 10K but she has never filed a FBAR on it. Big problem...

In order to fix the problem, how far does she need to go back to file the past FBARs? I am thinking about 6 years, but is it enough? Thank you very much for your inputs.

[Gretel]

Maybe this article helps?

http://www.forbes.com/sites/robertwood/2011/06/14/should-you-file-fbar-for-the-first-time/

[RightOn]

Maybe this article helps?

http://www.forbes.com/sites/robertwo...he-first-time/

Thank you for the link.

Whatever the situation is, I will definitely advise her to go ahead to file the FBARs. I am a firm believer in "clearing up your mess and move on".

So my only question is how far she will have to go back. Is 6 years enough?

[S T]

Seems to be some confusion on FACTA and FBAR - -a thread that was recently on the Board that might assist you

http://www.thetaxbook.com/forums/showthread.php?t=20301&highlight=fbar

Sandy

[Kram BergGold]

Penalty

The penalty for a late FBAR can be huge although I have never seen one asssesed. I would not touch the old years. I would just start doing them for 2011. The FBAR has to be received by 6/30 not postmarked to be on time.

[OtisMozzetti]

The penalty for a late FBAR can be huge although I have never seen one asssesed. I would not touch the old years. I would just start doing them for 2011. The FBAR has to be received by 6/30 not postmarked to be on time.

I run into several folks that want me to assure them that the huge penalty won't be assessed. All I can do is to tell them is to file the FBAR and hope for the best with the Treasury Dept.