Hi all,
I am an American and naturalised British citizen. In 2014 my NRA spouse and I were planning to move to the US. As I had never filed my taxes he took advice from his own UK accountant and hired a woman from a well-known company in the US. I must confess I was completely ignorant about any procedures and left it all to spouse and this woman. She filed my tax returns (form 1040) for 2011, 2012 and 2013. That was it. No FBARs were filed nor was another form for 2012 and 2013 in relation to my shareholding in my spouse's company. I simply didn't know what I didn't know.
We are no longer moving to the US. In 2015 one of our adult children was in a car crash leaving her with a life changing injury. This was during tax season. When your child is on life support, the last thing on your mind is filing taxes. Fast forward to the end of last year when I found this forum and realised what a mess I was in - had never heard of FBAR before - I started to panic.
My spouse did have one last email with the US woman earlier this year asking why were FBARs not filed. Her response was the FBAR was for accounts totalling $30,000 or more. Spot the mistake? This time I decided to instruct a carefully selected UK based firm to assist me despite the astronomical charges.
So now we are playing catch-up. 2011-2013 forms must be re-filed. Forms in relation to the shareholding must be added and six years worth of FBARs going back from 2013 to 2008 inclusive must be prepared.
I had two online bank accounts in my name only that were closed in 2013. I do not have any statements as I never printed any out, not having the foresight to know I would need them eventually. I don't even know when I opened them. Will the bank provide me with any information on these closed accounts from 2008 onwards? I think not but the accountants are putting pressure on me to get this information. I also have a joint account with spouse. We can get our online records dating back to 2010 but not before then. Do you think the bank will still have records for the years prior to this? Again I think not yet the accountants insist this information is there for the taking.
I know I have been an ignorant fool all these years in more ways than one, but what on earth do I put on my FBARs if I simply can't get the information required? As it is I will have to put in a letter of explanation as to why this information wasn't filed correctly in 2014. That'll be fun. Shall I hire myself a firing squad to take me down now or wait until later? I jest but that's the SSRI talking.
Sorry for the ramble. I hope I was clear. Any thoughts, gurus?
