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Delinquent FBAR (IRS Form FinCEN 114) I am filling out the…

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Delinquent FBAR (IRS Form FinCEN...
Delinquent FBAR (IRS Form FinCEN 114)
I am filling out the delinquent FBAR online forms for 2013, 2014 to avoid penalty as I have just learnt about the law recently. The situation is I have a foreign account but it is for my business. It was there just as a flow in the middle to pay the foreign suppliers. It is just a regular foreign checking account under my name. My business was a sole owner small business and not easy to open a business account in the designated country at the time. So the account is like "No Financial Interest Account" section though it is under my name. The foreign account does not generate any income so I do not have change in 2013, 2014 incomes. Do I need to amend my 2013, 2014 tax returns adding Schedule B to report the account though no income change ? Any other fillings do I need to submit beside these 2: the amendment and the online FBAR form itself ?
Thanks.
Submitted: 2 years ago.Category: Tax
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Answered in 4 minutes by:
2/13/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,858
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

You would not need to amend your returns if you are completing the forms now and no income would be reported on your past returns.

As the checking account did not have interest that you neglected to report when you filed your return you would not expect a penalty for not filing the FBAR timely.

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.

There is a place to rate (Stars or Smiley faces). You are required to click a positive rating if I am to be credited with the response.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Are you still with me?

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Never heard back from you. I am checking to see why and if you required more info.

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