Right...Now I'm starting to feel like a criminal..

Just did my own taxes for the first time the other day and lo and behold while googling online tax preparers I came across the dreaded FBAR. As my old mum would say "May God Strike Me Dead", I never knew about them. Now I know the IRS probably wouldn't buy that excuse, so I filed one this year (2014) for the first time. Now I realise that I should have filed for the last 3 years also (2011-2013) because in my infinite wisdom and having an interest-only mortgage I've been putting the difference in my mortgage payments when they were high (approx. £640) to where they are now (approx.£148), a difference of £492 away each month in a savings account that gets 0.01% interest because I know eventually the BOE interest rate will eventually rise again. That savings has exceeded the $10,000 since late 2010 and now I don't know whether to just efile those 3 years or what to do. I literally feel sick. Should I just file them and tell the truth "I just never knew" or what... Any help out there?

I suppose too while I'm asking..as far as this FATCA mandate that all foreign banks will have to start adhering to beginning in July, does anyone know exactly what information the banks will provide to the IRS or does my meager (albeit $10,000) not meet the reporting criteria?

The "new" FBAR has a dropdown box where you can easily indicate the reason for filing late. Assuming you have been declaring any interest income on your US tax returns and paying any tax due, the IRS has indicated it will not normally penalize late FBAR filings.

The "new" FBAR has a dropdown box where you can easily indicate the reason for filing late. Assuming you have been declaring any interest income on your US tax returns and paying any tax due, the IRS has indicated it will not normally penalize late FBAR filings.

+1

Much more important IMO to have been paying taxes on the interest from the UK account.

From the horse's mouth:
http://www.irs.gov/Individuals/International-Taxpayers/Options-Available-to-Help-Taxpayers-With-Offshore-Interests

Thanks for that link politicfool...honestly didn't know about them nor have I ever even heard of them so I used the drop-bar and indicated as much ... I truly hope that's the end of it.. Quite anxiety- inducing to say the least...

The IRS streamlined program is designed by the IRS to be their current best offer:

http://www.irs.gov/uac/Instructions-for-New-Streamlined-Filing-Compliance-Procedures-for-Non-Resident-Non-Filer-US-Taxpayers

The IRS streamlined program is designed by the IRS to be their current best offer:

http://www.irs.gov/uac/Instructions-for-New-Streamlined-Filing-Compliance-Procedures-for-Non-Resident-Non-Filer-US-Taxpayers

The streamlined program is not the best offer if a taxpayer has filed tax returns properly and only failed to file FBARs. The taxpayer will be much better off simply filing the FBARs late with an explanation. See my earlier post.

We don't know for sure whether this is the OP's situation, but he only mentioned delinquent FBARs so I assume he is current on his tax returns.

Late FBARS is the only issue in regard to my earlier post, so I just filed them and used the drop-down menu to say " I did not know I had to file"....hopefully that's the end of it... Even though I know ignorance is no excuse, they must recognize that everyone isn't aware of it if they're including it on the form...

I know the feeling, James.

What gets me is that I know there are Americans who have been living and working in the UK for years and have 'chosen' not to know about taxation and FBAR!