First, review whether filing was required for each year and whether related income was correctly reported. Then assess late filings, amended returns, and any available compliance procedures.
Submitting missing forms alone may not resolve every issue. FBAR and Form 8938 have different filing and correction procedures.
1. Confirm the Original Requirements
Review residency, account and asset types, values, ownership, signature authority, and exceptions for each year.
Also check whether related interest, dividends, and gains were included in prior income tax returns.
2. Review Delinquent FBAR Filing
Late FBARs are generally filed electronically through FinCEN, with an explanation for the delay. If using a specific compliance procedure, follow its instructions.
Prior IRS contact or an examination can affect the appropriate approach. Voluntary filing does not automatically eliminate penalties.
Reference: IRS — Filing Delinquent FBARs
3. Coordinate Form 8938 with the Tax Return
If a required Form 8938 was omitted from a filed return, an amended return with the missing form is generally considered.
Unreported income may also require correction. A reasonable-cause statement may be appropriate, but attaching one does not guarantee penalty relief.
Reference: IRS — Delinquent International Information Return Submission Procedures
4. Assess Available Compliance Procedures
Streamlined Filing Compliance Procedures may be available for qualifying non-willful failures. Domestic and foreign offshore procedures have different requirements and penalty treatment.
Eligibility requires a factual review; simply stating that you did not know the rules is insufficient.
Reference: IRS — Streamlined Filing Compliance Procedures
Where willfulness or an investigation is a concern, seek appropriate professional advice before submitting, including U.S. tax counsel when necessary.
Information to Gather
- Potentially missing forms and years
- Prior tax and information returns
- Annual account and asset records
- Reporting of related income
- When the issue was discovered and its history
- IRS or FinCEN notices and investigations
- Previous late or amended filings
Preserve records and explain the facts accurately rather than filling gaps with assumptions.
We first assess the circumstances and explain our engagement scope and any need for specialist advice. Please provide only an overview initially.
This answer provides general information. Procedures, years covered, and penalties depend on individual circumstances. No particular outcome or penalty relief is guaranteed.
Information reviewed: October 14, 2026
