[berniej]

My daughters never did taxes or fbars.After they send in their taxes how long should they wait before sending in the fbar's.I understand that if all their taxes are up to date that they should not have to pay fines etc.for not filing the fbar according to what I have read about this amnisty program.
They also ask that you put the highest amount that was in your account during the year as your total.They only have end of the year statements not daily or monthly,will that be a problem.

Thanks again for the help.

Bernie

 

[Bevdeforges]

There is no reason to wait before filing those FBARs. Like they say in the ad, "just do it."

If all they have is the year-end balance, they need to consider whether that was the high balance for the year or not. (I.e. were they putting into the account over the year, or taking out from the account?)

If the year-end balance wasn't the high for they year, bump up the amount by a reasonable amount to cover what might have been the high balance for the year. The FBARs don't generate any tax obligation and it's probably safer to err on the high side if you have any doubts. (But no, there's no penalty for making an estimate rather than using the precise high balance information. I've been doing estimates for years now.)
Cheers,
Bev

 

[berniej]

okay will do.Thanks again for the help

Bernie