If you have overseas banking accounts, it is important to understand and if you are required to declare these accounts, and if you are, what IRS forms you need to submit.
If you’re having tax problems
Tag: foreign bank accounts
If you miss the April 15 FBAR filing deadline, you’ll receive an automatic six-month filing extension. For delinquent FBARs from prior tax years, you should use one of the offshore disclosure methods to file your late FBARs.
If you failed to file FBARs for one or more tax years, you have several options for correcting your noncompliance. The best option for your situation will depend on many factors, and you should consult a tax attorney before choosing an offshore disclosure method.