Please help - how to start filing after missing several years

Does anyone have any idea how I'm supposed to determine the highest balance of the year for previous years?? Do I have to look at monthly statements for each month of the previous years to do this?

Yes, it's a matter of going through every page of each statement for all of your accounts for the entire year!

Does anyone have any idea how I'm supposed to determine the highest balance of the year for previous years?? Do I have to look at monthly statements for each month of the previous years to do this?

You are supposed to look for the maximum balance in the year and convert using the Treasury end of year exchange. Perhaps you can download online bank records to a spreadsheet and sort by account balance figure to find the largest one.

If you are trying to complete FBARs for 2009,10,11,12,13,14, for streamlined and find you do not have good records (who does?) you can tick box 15a which is "Maximum account value unknown". Or you could also simply put a generous figure that you feel is a slight over-estimate of what was actually there in the given year.

Scary!! I just read this:

Penalties FBAR: If non-willful, up to $10,000; if willful, up to the greater of $100,000 or 50 percent of account balances; criminal penalties may also apply www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

What does this mean?? Sounds bad. Please explain?

Strictly speaking you have to look day by day and convert using the $/£ exchange rate applicable that day.

You use the end of year Treasury rate of exchange. Page 10.

https://www.fincen.gov/forms/files/FBAR%20Line%20Item%20Filing%20Instructions.pdf

What does this mean?? Sounds bad. Please explain?

The IRS is like the rest of the US society - it operates with a basis in fear (homeland security, migrants, guns to protect yourself, ... )

These huge penalties do get paid by some people, but ones who are engaged in serious tax evasion, money laundering the proceeds of drugs and arms sales, etc.

You are non-willful because you did not know about any of this until someone at work mentioned FATCA to you. One of the benefits of the streamlined program is that all penalties are waived. So you will not be hit with any $10,000 non-willful penalty.

Thanks, RW.