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    austinuser's Avatar
    austinuser Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jun 13, 2011, 02:56 AM
    FBAR Help
    Hi,
    I have a NRE and a NRO account in India.I recently found that I need to file FBAR.
    Now , I need to amend this from 2005 and each year it crossed more than 10k
    2005 - 15k interest - $15.00
    2006 - 38k interest - $60.00
    2007 - 55k interest - $100.00
    2008 - 19k interest - $110.00
    2009 - 15k interest - $150.00
    2010 - 47k interest - $50.00

    I couldn't believe , I am so ignorant about this.All the money which I sent are after tax money from US.

    Could you please suggest how bad my case and what should I do now.

    Thank you for all your help
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jun 14, 2011, 12:37 AM

    File FBAR for all the years from 2005 to 2010. File before June 30, 2011.
    Nadel's Avatar
    Nadel Posts: 35, Reputation: 2
    Junior Member
    		  
    #3

    Jun 20, 2011, 05:36 AM
    The FBAR for 2010 definitely needs to be filed before June 30th 2011. There is still time.

    For other FBARs, in a sense it doesn't matter whether you file before June 30th or not. They are already delinquent. If a lot of old FBARs show up, the IRS will likely consider it a case of silent disclosure, which they have said they don't want for offshore account issues. And what they will do at that point is unclear. No one outside the IRS knows for sure. I would suggest talking to some local CPAs.
    austinuser's Avatar
    austinuser Posts: 3, Reputation: 1
    New Member
    		  
    #4

    Jun 20, 2011, 10:40 PM
    Comment on Nadel's post
    Thank you for the response.
    For my case, opting OVDI is a wise decision or wait for couple more months and then do the delinquent filing?
    Please advice.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #5

    Jun 22, 2011, 05:47 AM

    Check this link: U.S. TAX NEWS: 2011 Offshore Voluntary Disclosure Initiative
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