Late FBAR? An Extension From the IRS!
Are you thinking about taking advantage of the Offshore Voluntary Disclosure Program? There is some good news from the IRS. Extensions are possible if you are working to catch up on your past due US Expat Taxes and FBAR filings.
Do not take our word for it! The following is taken directly from the IRS Website:
“A taxpayer may request an extension of the deadline to complete his or her submission if the taxpayer can demonstrate a good faith attempt to fully comply with FAQ 25 on or before August 31, 2011. The good faith attempt to fully comply must include the properly completed and signed agreements to extend the period of time to assess tax (including tax penalties) and to assess FBAR penalties.
Requests for up to a 90 day extension must include a statement of those items that are missing, the reasons why they are not included, and the steps taken to secure them. The IRS understands that filing multiple years of taxes and FBAR reports may be difficult.
Requests for extensions must be made in writing and sent to the Austin Campus on or before August 31, 2011:
Internal Revenue Service
3651 S. I H 35 Stop 4301 AUSC
Austin, TX 78741”
If you are late on your FBAR reports, this is the time to get back on track! Face reduced penalties, avoid criminal prosecution — everyone wins! The Treasury wants to know about your bank accounts, not seize your money.
Get compliant with FBAR requirements
Getting back on track with your US expat taxes can be a daunting task! The FBAR only adds to the stress and may be a bit much for some people to handle. As always, we’re here to help you get back on track. We can help you file your late tax returns and all of the FBAR reports that you need! If you have any FBAR questions or would like to learn about our expat tax services, please contact us.