The IRS will not impose a penalty for the failure to file the delinquent FBARs if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign financial accounts reported on the delinquent FBARs, and you have not previously been contacted regarding an income tax examination or a request for delinquent returns …

What to do if you cant file FBAR?

If you are unable to file electronically, contact FinCEN’s Regulatory Help line at 1-800-949-2732 or 1-703-905-3975 (if calling from outside the United States) to determine possible alternatives to electronic filing. The IRS will not impose a penalty for the failure to file…

How to contact FinCEN for delinquent FBAR submission?

On the cover page of the electronic form, select a reason for filing late. If you are unable to file electronically, contact FinCEN’s Regulatory Help line at 1-800-949-2732 or 1-703-905-3975 (if calling from outside the United States) to determine possible alternatives to electronic filing.

Can a FBAR be subject to an audit?

FBARs will not be automatically subject to audit but may be selected for audit through the existing audit selection processes that are in place for any tax or information returns.

Who is not required to file a delinquent tax return?

INFORMATION FOR… Taxpayers who do not need to use either the IRS Criminal Investigation Voluntary Disclosure Practice or the Streamlined Filing Compliance Procedures to file delinquent or amended tax returns to report and pay additional tax, but who:

When do penalties generally don’t apply for not filing taxes?

When penalties generally don’t apply: If you are expecting a refund and do not file a tax return on time. Remember that the penalties for not e-filing or filing a tax return or a tax extension are higher than not paying taxes owed.