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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 13200
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hello, I am a US citizen (also a UK citizen) residing and

Resolved Question:

Hello,

I am a US citizen (also a UK citizen) residing and working solely in the US.

I feel very stupid right now as I realized I missed the IRS FBAR deadline of June 30 to declare an overseas account with more than $10000. I did check the box on my federal return stating that I HAVE an overseas account, as I did in 2012.

Also I have been making transfers from the UK account to my US account this year, with a view to emptying the UK account eventually. Some of these transfers have been over $10K so presumably were reported to the IRS (or US Treasury).

I have about $60000 left in the UK account - last year its max. balance was about $250K. Very little interest was earned though so there was no overseas "income" as such. These UK funds came from a gift in late 2011 from a relative who was distributing funds she inherited, which were already heavily taxed in the UK.

I'm not sure what to do. "Honesty is the best policy" in life, but in this case I don't want to wake up the sleeping giant of the IRS and incur nasty penalties just for being a few days late. Should I file the FBAR form now, or sit tight and file next year, or do something else?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

You need to file your FBAR now. Not filing it would raise more issues later on down the road

MyVirtualCPA :

You aren't terribly late, which is better than them drawing this to your attention later on

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 13200
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 8 other Tax Specialists are ready to help you

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