You may be able to avoid paying FBAR penalties if you qualify for a delinquent FBAR submission or the Streamlined Compliance Procedures. These voluntary disclosure methods eliminate or reduce your tax penalties while getting you into reporting compliance.
Key Insights We Will Discuss:
The qualifications for a delinquent FBAR submission or the Streamlined Procedures.
The benefits of making a voluntary disclosure.
Other options if you don’t qualify for these offshore disclosure options.
Delinquent FBAR Submissions
A delinquent FBAR submission is the simplest way to correct your failure to file FBARs. However, this option is only available if you meet the following conditions: