What do I do if I haven’t filed foreign bank account reporting (FBAR) for several years?

The IRS has multiple options for individuals who are behind on their taxes or FBAR filings. The 2012 Offshore Voluntary Disclosure Program is still open. The Streamlined Program allows individuals who are low risk to catch up on their late taxes, and some people are doing what is informally known as a “quiet disclosure”, meaning they just file the late paperwork and hope for the best. The appropriate option will depend on your specific circumstances, but generally speaking, unless you have been actively hiding money offshore, the Streamlined Program is likely your best option. This requires you to file your last 3 years of tax returns and up to 6 FBARs.