I know I promised that I wouldn’t blog about FBARs anymore. (This stuff chews up too many Life Credit Units, as Just Me calls them.) But I wanted to share something with all of you that may help you make decisions.
From a correspondent by email today:
Just a quick update. I called the FBAR 1-800 number to check if my delinquent FBARs for 2005-2009 that I sent in October had been received. The lady informed me that they are not in the system as they have probably not yet been processed. She said they had millions of documents and they were still processing July.
This tells me that if you are a normal person with unfiled FBARs, now is the time to dump them into the system. Your delinquent filings will be compared against the cohort of other filings entering into the system. In your favor you have IRS overload and you have a very large bell curve distribution of taxpayers.
The hard decision is to guess how you look compared to the expected pool of filers. Among those “millions of documents” what will yours look like? You hope that the IRS behaves like Foghorn J. Leghorn. The person who opens your envelope merely glances at your FBARs, and snaps “Go, I say, go away, boy. Ya bother me.” (Sound file)
That decision is where you need to talk to someone smart and experienced.
This is not legal advice to you. You’d be a damn fool to make important legal decisions with serious consequences just because you read a blog post by some yutz (that would be me) on the inter webs. Especially a yutz who likes to watch cartoons with his kids.