Thread: FBAR form. I might be in some trouble.

Pollerkeeper,

Thanks for sharing your story. it sounds exactly like mine. So I take it that you went ahead and submitted delinquent FBARs. I've been trying to decide whether I should follow suit. I have been told by a few accountants that they hadn't seen penalties assessed at least with their clients. But from what I read online it seems rather grim. I would hope the IRS would look upon your case and see it was an unfortunate oversight and not just see dollar signs. Please consider future postings on your situation as maybe you can help others get through this madness.

Pollerkeeper,

Thanks for sharing your experience. It is becoming a common one unfortunately. I have recently found myself in the same boat. These new laws are absolutely outrageous. Don Schuler doesn't seem to realize that he has created a monster, nor apparently does it seem that he cares. I would hope that e IRS will look upon your situation as an oversight instead of just seeing dollar signs. I wish you the best and will be following any future postings you may wish to share because your are not alone in this. There are hundreds of thousands of Americans abroad who have no knowledge of FBAR requirements and who may find themselves in a similar situation.

A recent article on FBAR:

Taxpayers with overseas accounts seethe at penalties | Reuters