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What should you do if you have unfiled FBAR Forms?

An opinion for you to evaluate amongst the plethora of technical articles.
I speak with “criminals” on a daily basis regarding their unfiled FBAR forms and the potential penalties. As a result, I’ve heard as many different “strategies” on how to deal with them, and since jail would have been a likely result had they carried on with them, I feel like I should share some important information with all the other “criminals” out there.

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Some Reasons for filing your past returns

U.S. taxpayers are taxed on their worldwide income. Nevertheless, if you are a U.S. taxpayer who earned income while abroad during the tax year, special taxation rules apply in order for you to avoid double taxation (by both the U.S. and the foreign government). In many cases you may owe the IRS nothing for this income. Nevertheless, your income tax filing requirements are the same as for U.S. taxpayers who earned no income abroad.

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