# Streamlined for FBAR only?



## seanexpat72 (Oct 9, 2016)

Looks like there could be penalties 10-100K for failing FBAR filing + criminal penalties. I have not lived in the US for nearly 5 years, I had no idea about this. This is crazy. I am really worried now.

I have also not filed taxes in 3 years. I didn't think I had to file, but I don't believe that simply "I did not know I had to file returns because I did not know I had to if I don't owe any taxes" is a solid Streamlined qualification, rather can get me in trouble if anything. FBAR on the other hand is completely new to me.

I had over 10K in my account once or twice a year in a calendar month.

Question: Can I file taxes under Streamlined indicating lack of knowledge about FBAR to get compliant to avoid the FBAR penalties?

Question: if I file FBAR now for all the years, are the penalties automatic?

Thanks


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## seanexpat72 (Oct 9, 2016)

In other words, I didn't think it was important or a big deal to file when I don't owe any taxes, I was going to do them at some point, but I had no clue about FBAR. Should I file Streamline or just file taxes and do FBAR and hope for the best?

Many thanks


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## uffda (Oct 10, 2016)

Sounds like it was your checking account and low balance (around $10K) so probably no or low $ interest received. 

also not just FBAR u have to file your past taxes to be compliant in USA.

I think the good news is you may not have to pay anything in taxes but bad news is just lots of paperwork..


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## seanexpat72 (Oct 9, 2016)

Hi thank you for the information but that does not answer my question completely. 

Should I do Streamline Offshore or not in my situation?

IRS can file people thousands for each account not listed with FBAR. I want to avoid that.

Please help out
Thanks


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## Bevdeforges (Nov 16, 2007)

Unless you owe a big pile of back taxes (and we're talking tens or hundreds of thousands of dollars here), it's highly unlikely anyone will mess about with the fact you haven't filed your FBARS. Do the past six years (though only for those years where your combined foreign account balance actually has exceeded the threshold) as part of the Streamlined procedure and I'll bet that will be the end of it.
Cheers,
Bev


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## seanexpat72 (Oct 9, 2016)

Thanks again Bev for replying to both of my threads.

Sounds like I should be able to do the returns on my own using Tax software.

Final question, would you recommend getting a tax attorney to help draft the Streamline statement or is my case common enough that I do this myself?


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## Bevdeforges (Nov 16, 2007)

If you look back through the threads here I think you'll see that I never recommend hiring tax preparation help until and unless you run into a tangible problem. A tax attorney is serious overkill for what appears to be a stock standard situation like yours.

Try it yourself first. If and when you get inextricably stuck, then consider calling in the cavalry. Generally speaking, unless you owe big bucks, you'll find that a good faith effort will do the trick.
Cheers,
Bev


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## seanexpat72 (Oct 9, 2016)

Bevdeforges said:


> If you look back through the threads here I think you'll see that I never recommend hiring tax preparation help until and unless you run into a tangible problem. A tax attorney is serious overkill for what appears to be a stock standard situation like yours.
> 
> Try it yourself first. If and when you get inextricably stuck, then consider calling in the cavalry. Generally speaking, unless you owe big bucks, you'll find that a good faith effort will do the trick.
> Cheers,
> Bev


Thanks Bev, what you're saying makes sense, I will give it a shot


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