Solved
FBAR Delay by 1 Day
I am delayed in filing my FBAR by one day.
Do I need to give a reason for the delay or not required?
Thanks
Raj
@Raj1 , while you are supposed to file the FBAR form in time and willful disregard of the requirement is punished by excessive fines , it is rarely used. The idea is to get compliance from taxpayers. If you missed only once , there is no consequence but habitual dis-regard is invitation to shock the taxpayer into compliance. I do not believe you need an explanatory note if this is first time but ....
Does that answer the question ?
pk
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