FBAR, FinCEN & IRS Streamlined Compliance
Didn't know you had to file an FBAR? Have foreign accounts you haven't reported? You're not alone — and there's a clear, safe path to getting compliant. We've helped many clients fix past filing issues without drama.
Most people who missed FBAR filings did so unknowingly. The IRS has a formal program to help you get compliant — without the worst-case penalties. Let's talk about your options.
FBAR Requirements: What You Need to Know
The basics of foreign bank account reporting — clearly explained.
Who Must File
Any US person (citizen, green card holder, or resident) who had a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any point during the calendar year.
When It's Due
The FBAR (FinCEN Form 114) is due April 15, with an automatic extension to October 15. It's filed electronically through the BSA E-Filing System — not with your tax return.
What Must Be Reported
Foreign bank accounts, brokerage accounts, mutual funds, and certain other financial accounts. The threshold is based on aggregate value across all accounts, not per account.
Penalties for Non-Compliance
Non-willful violations: up to $10,000 per violation. Willful violations: up to the greater of $100,000 or 50% of account balance per violation. Criminal penalties are also possible in egregious cases.
What Happens If You Didn't File FBAR?
First, take a breath. The situation is almost certainly fixable, and the IRS has formal programs designed specifically for people who missed FBAR filings due to lack of awareness.
The key distinction the IRS makes is between willful and non-willful violations. If you genuinely didn't know about the requirement — which is extremely common — you're likely eligible for the Streamlined Filing Procedures, which can dramatically reduce or eliminate penalties.
Streamlined Filing Procedures Explained
The IRS's official path to compliance for non-willful violations — and how we guide you through it.
Streamlined Foreign Offshore Procedures
For US expats who meet the non-residency requirement (generally, living outside the US for at least one of the past 3 years).
- No miscellaneous offshore penalty
- 3 years of amended/delinquent returns
- 6 years of FBARs
- Non-willfulness certification required
Streamlined Domestic Offshore Procedures
For US residents who don't meet the non-residency requirement but whose violations were non-willful.
- 5% miscellaneous offshore penalty
- 3 years of amended returns
- 6 years of FBARs
- Non-willfulness certification required
How We Fix Past Filing Issues Safely
A clear, methodical process that protects you at every step.
Determine Your Eligibility
The Streamlined Procedures are available to taxpayers whose failure to file was non-willful — meaning it resulted from negligence, inadvertence, or a misunderstanding of the law, not intentional tax evasion. We help you assess whether you qualify.
Prepare the Required Returns
For the Streamlined Foreign Offshore Procedures (for expats), you'll need to file 3 years of amended or delinquent tax returns and 6 years of FBARs. We prepare all of these accurately and completely.
Submit the Non-Willfulness Certification
A critical component of the Streamlined Procedures is a signed statement certifying that your failure to comply was non-willful. This document must be carefully drafted — it's reviewed by the IRS.
Pay the Applicable Penalty (If Any)
Under the Streamlined Foreign Offshore Procedures, there is no penalty for expats who qualify. Under the Streamlined Domestic Offshore Procedures (for US residents), a 5% miscellaneous offshore penalty applies.
Move Forward with Confidence
Once accepted, you're back in compliance. Going forward, we help you stay current with annual FBAR filings and any other required disclosures so this never becomes an issue again.
FATCA: The Other Foreign Account Reporting Requirement
FATCA (Foreign Account Tax Compliance Act) requires US taxpayers to report foreign financial assets on Form 8938, filed with their tax return. It has higher thresholds than FBAR but covers a broader range of assets.
FBAR vs. FATCA: Quick Comparison
| FBAR | FATCA | |
|---|---|---|
| Form | FinCEN 114 | Form 8938 |
| Filed with | Treasury (BSA) | Tax Return |
| Threshold | $10,000 | $50K–$300K |
| Deadline | Oct 15 | Tax deadline |
| Penalty | Up to $10K+ | $10K–$50K |
Frequently Asked Questions
Straight answers about FBAR, FATCA, and getting compliant.
Fix Your FBAR & Get Compliant Today
The longer you wait, the more complicated it gets. The good news: there's a clear path forward, and we've walked many clients through it.
Book a consultation and we'll assess your situation, explain your options, and give you a clear plan — no judgment, no drama.