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Level 3
posted Oct 18, 2022 4:29:16 AM

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

0 2 460
1 Best answer
Level 15
Oct 18, 2022 11:34:04 AM

@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

2 Replies
Level 15
Oct 18, 2022 6:36:03 AM

@pk

Level 15
Oct 18, 2022 11:34:04 AM

@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