I was thinking about whether anybody here had experienced with the Streamlined residential offshore procedure to settle his/her FBAR situation.
Actually, I never recorded any FBAR (didn't know the presence up to this point). I have accounts in France however never reported the interests (I didn't know I needed to - I know this is not a reason, but rather I'm simply clarifying I got into that circumstance). The records I'm gaining interests on are "Livret An" and "PEL" (about $500 interest every year).
I might want to alter the circumstance now that I think about FBAR and that I need to report my interets. I went to look for counseling from different CPAs and a lawyer.
The majority of the CPAs are simply encouraging to revise my last expense forms and document the missing FBARs .
The lawyer is startling my with the penalty I will face and lets me know I need to go through the streamline domestic offshore procedure, which will essentially cost me 5% of my reserve funds in France in penalty. I don't think it truly matters, however the cash on those records is not by any means originating from the US, it is generally cash that I as of now had before moving to the US and after that my family here and there exchanges a minimal expenditure as blessings.
Does anyone here have experience with either the quiet disclosure or the streamline procedure ?
I truly feel terrible since I found that and what it will cost me. I'd like to fix the issue ASAP.
Actually, I never recorded any FBAR (didn't know the presence up to this point). I have accounts in France however never reported the interests (I didn't know I needed to - I know this is not a reason, but rather I'm simply clarifying I got into that circumstance). The records I'm gaining interests on are "Livret An" and "PEL" (about $500 interest every year).
I might want to alter the circumstance now that I think about FBAR and that I need to report my interets. I went to look for counseling from different CPAs and a lawyer.
The majority of the CPAs are simply encouraging to revise my last expense forms and document the missing FBARs .
The lawyer is startling my with the penalty I will face and lets me know I need to go through the streamline domestic offshore procedure, which will essentially cost me 5% of my reserve funds in France in penalty. I don't think it truly matters, however the cash on those records is not by any means originating from the US, it is generally cash that I as of now had before moving to the US and after that my family here and there exchanges a minimal expenditure as blessings.
Does anyone here have experience with either the quiet disclosure or the streamline procedure ?
I truly feel terrible since I found that and what it will cost me. I'd like to fix the issue ASAP.
