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Topic: FBAR / FinCen Form 114 Reporting  (Read 1145 times)

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FBAR / FinCen Form 114 Reporting
« on: September 26, 2020, 06:37:44 PM »
Hello
Hope someone can help please.
I've only just realised this year that I should have been reporting my Foreign Bank Accounts via the FBAR/FinCen Form 114 and the 2019 deadline is Oct 15 2020. My questions are:
1} How many years do I have to go back and report on? I've read you can Streamline. Is this something I can do myself or can I report each year individually, explaining I was unaware that this was a requirement?
2} Do I need to report on Individual Savings Account (Tax Exempt) and/or Bank where my stock/shares from my Employer are held?
Really appreciate any advise and thanking you in advance.
'Best regards


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Re: FBAR / FinCen Form 114 Reporting
« Reply #1 on: September 27, 2020, 11:46:07 AM »
If FBARs have been omitted the choices open depending on circumstances are either using the official penalty-free IRS Streamlined Foreign Offshore Procedures (SFOP)  https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-outside-the-united-states or the delinquent FBAR procedures: https://www.irs.gov/individuals/international-taxpayers/delinquent-fbar-submission-procedures


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Re: FBAR / FinCen Form 114 Reporting
« Reply #2 on: September 28, 2020, 11:35:42 AM »
Thank you so much for your help. I really appreciate it. Best regards


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