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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13143
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have some accounts in India and In the year 2012/2013 the

Customer Question

JA: Hello. How can we help?
Customer: I have some accounts in India and In the year 2012/2013 the balance in these accounts were more than 10K.Not much probably close to 11K. I have not filed FBAR and have not reported it in taxes because the interest earnings were also very minimal less than $1000. how can i rectify this now?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: No I don't think so
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 3 months ago.
Category: Tax
Expert:  Robin D. replied 3 months ago.


To correct the omission you would need to go back and amend your filings for those years to report the accounts and to include the interest on your returns.

Even interest less than $1000 is reportable.

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 for the years for which the delinquent FBARs are submitted.

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.

File the FBAR for those years now and amend your returns.

You are required to rate in a positive way (look for the STARS or SMILEY FACES) if I am to be credited with responding.

Expert:  Robin D. replied 3 months ago.

Checking to see if you responded