Delinquent FBAR filing procedures

Delinquent FBAR filing procedures

For US expatriates who have reported all
foreign-sourced income, or did not have any foreign income to report,
the IRS has made the delinquent FBAR filing procedures *relatively*
straight-forward and *relatively* easy to understand. But here’s where
things get ugly. This is only true for taxpayers who do not have any unreported income in the last 3 years.
Things get complicated in situations where there in no unreported
income in the last three years, but unreported income in any one of the
three years prior. In this article we will demonstrate the apparent
contradictions, and offer strategies for the not-too uncommon issue of
having unreported foreign income, not in the last 3 years, but rather,
4-6 years ago.