Our valued sponsor

Streamlined domestic offshore procedure, FBAR question

Jack Dui

Active Member
Jun 14, 2016
177
163
43
Visit site
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.
 
If it makes you feel better, just go the Streamlined procedure to amend your prior returns and file the back FBARS. (Three years for the tax returns, six for the FBARs.)
As omitted to report, you could just file the FBARs going forward and take the quiet disclosure route with little or no problem. If you read the Inter-government agreement on this FATCA stuff, the French banks are specifically exempted from having to report Livret A, PEL and a few other of the "tax free" or "tax preferred" types of bank accounts here.
I'll PMing you a good attorney recommendation, you can talk with him, they will not 'scare' you but help.
 

Latest Threads