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For taxpayers who own offshore bank accounts and other foreign financial assets, filing a Report of Foreign Bank and Financial Accounts (FBAR) is an important part of federal tax compliance. Taxpayers whose accounts exceed the statutory thresholds must file FBARs on an annual basis, and failure to do so can lead to steep penalties. So, what if you haven’t met your FBAR filing obligations? US International Tax Advisors explains:

The deadline to file FBARs for the 2020 tax year expired on October 15, 2021. For taxpayers who missed the deadline, simply filing late can have significant negative consequences. However, there are a few options available for remedying delinquent FBAR filings—including one option that eligible taxpayers can use to avoid penalties entirely. US International Tax Advisors, explains: