Catherine Posted May 18 Report Share Posted May 18 Client's spouse has had a couple of foreign accounts, always well under the limits for FBAR filings. However in reviewing some old records they were going to shred, he discovered that back in 2011 it's possible that one account went over the limit for less than a week. He will have to dig out old conversion rates and the detailed history of the account to see if it happened, or didn't quite happen, or just looked like it might have happened. Anyone know where I can look up whether or not FinCen wants a 12 year old FBAR filing and if so doing would open up a bigger can of worms? Quote Link to comment Share on other sites More sharing options...
BrewOne Posted May 18 Report Share Posted May 18 Treasury requires you to file past six years to get back into compliance--I believe if they do not have a current issue with overseas accounts, then statute of limitation (5 years) applies? [not a lawyer] 3 Quote Link to comment Share on other sites More sharing options...
cbslee Posted May 18 Report Share Posted May 18 Let sleeping dogs lie 3 Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted May 18 Report Share Posted May 18 5 minutes ago, cbslee said: Let sleeping dogs lie For such a small potential filing requirement, and that far back, I agree. 2 Quote Link to comment Share on other sites More sharing options...
BTS Posted May 18 Report Share Posted May 18 You forgot the "U" in Fubar 6 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted May 19 Report Share Posted May 19 21 hours ago, BrewOne said: Treasury requires you to file past six years to get back into compliance--I believe if they do not have a current issue with overseas accounts, then statute of limitation (5 years) applies? [not a lawyer] FBARs aren't filed with the IRS, but FinCEN is part of the US Treasury. 1 Quote Link to comment Share on other sites More sharing options...
Catherine Posted May 19 Author Report Share Posted May 19 Thanks to all. True, FBAR is FinCen not Treasury but back when they had their voluntary disclosure program, "compliance" was six years for that. Client has not finished the research so I've still got some time to dither. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.