FBAR & 8938 – Delinquent

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Message Board FBAR & 8938 – Delinquent

This topic contains 1 reply, has 2 voices, and was last updated by Sandy Weiner 1 week, 3 days ago.

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  • #158145

    New client has had 2 bank accounts in Canada for over 10 years. We filed her Form 114 for 2018.  Former accountants did not file Forms 114 or 8938 & the foreign bank account box is not checked on Schedule B for 2015 – 2017 (only copies we have).  Her highest account balance in 2018 was $60,000.

    What’s the recommendation re: filing prior year Forms 114 & 8938?  How far back does she need to file?  Does she need to hire an attorney?

    Thanks for any input.

  • #158152
    Sandy Weiner

    Given the amount of potential penalties, I think it would be a good idea to consult an attorney.