FBAR

An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD F 90-22.1

The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold.

Failure to file an FBAR when required to do so may potentially result in civil penalties, criminal penalties or both. If you learn you were required to file FBARs for earlier years, you should file the delinquent FBAR reports and attach a statement explaining why the reports are filed late. No penalty will be asserted if the IRS determines that the late filings were due to reasonable cause. Keep copies of what you send for your records.

http://expatriatetaxreturns.com/

The tricky part here is hidden in the words "the IRS determines". To decide if the IRS will determine in your favour, it often helps to take professional advice if filing FBARS late.  An experienced dual US/UK qualified adviser will know which kinds of excuses will work and which ones, simply won't cut the mustard.

The tricky part here is hidden in the words "the IRS determines". To decide if the IRS will determine in your favour, it often helps to take professional advice if filing FBARS late.  An experienced dual US/UK qualified adviser will know which kinds of excuses will work and which ones, simply won't cut the mustard.

I suppose it's out of the question to post those excuses. Would "the dog ate my FBAR" work?

I suppose it's out of the question to post those excuses. Would "the dog ate my FBAR" work?

Haha If the IRS was nicer it may work!

Haha If the IRS was nicer it may work!

What about saying "The rules are so complex and arcane that even your own IRS agents don't understand them and often give contradictory advice". The you pull out your hair and they take you off for a nice rest in a padded room.