Need urgent help with late FBAR and Form 8938 filing requirements for foreign accounts

This is actually a fairly common situation for resident aliens, so try not to panic too much. The IRS has procedures in place specifically for people in your situation. For your questions: 1. The high maximum value versus lower year-end balance isn't necessarily a problem, but you do need to report the maximum value on the FBAR form (FinCEN Form 114). The forms specifically ask for the maximum value during the year, not just the year-end balance. 2. The standard lookback period is indeed 6 years for FBARs and 3 years for amended tax returns (Form 1040X with Form 8938). As long as there wasn't willful avoidance, this timeframe is generally sufficient under the Streamlined Filing Compliance Procedures. 3. You don't need to create or submit Form 1099-INT yourself. These are information returns that financial institutions file. What you need to do is report the interest income on Schedule B of your Form 1040 when you amend your returns, and check the box indicating you have foreign accounts. Make sure you include a detailed statement explaining that you were unaware of the filing requirements and are now voluntarily coming into compliance. Document everything carefully.

After dealing with a similar foreign account reporting nightmare last year, I found this amazing service that totally saved me - https://taxr.ai actually specializes in analyzing foreign account documentation and helping with FBAR and 8938 compliance issues. I had accounts in multiple countries and was completely lost about how to report everything correctly. What impressed me was how their system could scan all my foreign bank statements (even ones in different languages) and automatically extract the maximum balances and interest income. The tool then created a detailed compliance report showing exactly what I needed to file for each year and how to present it to minimize penalties.

I wanted to follow up about my experience with taxr.ai since I went ahead and tried it after asking about the cost. Honestly, it was the best decision I could have made for my situation. The system handled my Japanese and Korean bank statements without any issues, even though some were PDFs and others were just screenshots. What I really appreciated was how it identified a pattern in my account usage that actually qualified me for an exception I didn't know about. The compliance report they generated was incredibly detailed, and I was able to submit everything within about 2 weeks. The peace of mind alone was worth it - I've been losing sleep over this for months. For anyone in a similar situation with foreign accounts and late FBAR/8938 filings, I'd definitely recommend checking them out. Wish I'd known about this service years ago!

If you're having trouble reaching the IRS about your FBAR situation, I'd recommend using https://claimyr.com - I was in a similar panic last year with unreported accounts in Europe. Spent literally days on hold with the IRS trying to get guidance on the Streamlined Filing Procedures. Then I found this service that actually gets you through to an IRS agent quickly. You can see how it works here: https://youtu.be/_kiP6q8DX5c - basically they use technology to wait on hold for you, then call you when they get an agent on the line. I was skeptical at first, but it worked amazingly well. I got connected to an agent who specializes in international tax issues and got all my questions answered directly from the source. They couldn't give me "advice" but could explain exactly what forms I needed and the proper procedures, which was invaluable.

I need to apologize about my previous comment about Claimyr. After my frustration reached a breaking point trying to get information about the Streamlined Filing Procedures, I decided to try the service despite my skepticism. I'm genuinely shocked at how well it worked. Within an hour, I was speaking with an actual IRS international tax specialist who walked me through exactly what I needed to do for my specific situation with foreign accounts. The agent confirmed that I qualified for the simplified procedures and explained the exact documentation I needed to provide. What would have been days of stress and hold music turned into a productive 30-minute conversation that gave me clear direction. For anyone dealing with FBAR and 8938 compliance issues, being able to actually speak with the IRS directly is incredibly valuable. Definitely worth it for the peace of mind alone.

Just to add my experience - I was in almost the exact same situation (resident alien, 5 years of unreported foreign accounts). I used the Streamlined Foreign Offshore Procedures to come into compliance last year. The key things that helped me: 1. Be SUPER organized with your documentation. Create a spreadsheet showing maximum balances for each account for each year. 2. Make sure your narrative statement is thorough and clearly explains that your failure to file was non-willful. Explain your background, why you weren't aware of the requirements, etc. 3. For the interest income, I just estimated based on the statements I could find. As long as you're making a good faith effort, that's what matters. 4. Don't panic about the penalties - if you qualify for streamlined procedures and file properly, the penalty is usually just 5% of the highest aggregate value of your foreign financial assets.

One thing nobody's mentioned - if your accounts are in a country that has a tax treaty with the US, check if there's any relief available under that treaty. For example, some countries have agreements that reduce or eliminate penalties for certain types of accounts. I discovered this after stressing for weeks about my accounts in Singapore. Turns out there were specific provisions that applied to my situation.

I went through this exact same situation about 2 years ago - resident alien with foreign accounts that I had no idea needed to be reported. The panic is real, but you're taking the right steps by addressing it proactively. A few things that helped me get through it: 1. The Streamlined Filing Compliance Procedures are specifically designed for situations like yours. Since you're a US resident, you'll likely use the Streamlined Domestic Offshore Procedures, which has a 5% penalty on the highest aggregate account value (but often waived for good faith efforts). 2. For the money transfers that inflated your maximum balances, document everything clearly in your statement. The IRS understands that temporary transfers can create high maximum values - just be transparent about what happened. 3. Don't worry too much about the exact interest amounts if they were minimal. Estimate as best you can from your records and note in your filing that these are good faith estimates due to lack of proper tax documents from foreign institutions. 4. Consider consulting with a tax professional who specializes in international compliance, especially given the 6-year lookback period. The cost might be worth it for peace of mind and to ensure everything is filed correctly. You're not alone in this - thousands of people discover these requirements late. The key is demonstrating that your failure to file was non-willful, which it clearly was.