I have just uploaded FBARs for all accounts for the past 6 years.

Since bank accounts normally automatically close down when there's no money within a certain period, I assumed that two of them were already closed as there was no money left and should already be closed in 2012.

Unfortunately, they did not automatically close down in 2012 but are still open until now which shocks me very much as I had then not reported it in 2013.

What am I suppose to do now? I am really scared and worried. Please advise and thank you in advance.


You can upload amended report for these years. You can write down the explanation just as you said - you thought the accounts were already closed, and just discovered that they were not. I assume now they are, right?

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  • Thank you for your suggestions.Yes, they are still opened. I will do the amendment but now it seems that the number of accounts become 26. I live in a low income country and am below the 9x,xxx USD income line. I have several accounts that were opened but never used (0$). The institutes give free seminars or books when open an account with them, so that's why I opened account with them. What should I expect from having more than 25 accounts and should I start preparing for? Can I close down some 0$ accounts this year since they now become a problem to me. Thank you for all your suggestions. – Justme Dec 3 '14 at 7:01
  • Since I have dual citizenship, I've always registered with all the institutes using my local one as I've been living here since I started kindergarten and now it's been 30+ years. I'm now worried that once this storm starts, all the institutes will ask me to close down all my accounts which includes my pension fund as well since they don't want US customers. The reporting formats and information the local institutes also do not meet what IRS requires, e.g. annual earnings, maximum value in the year, capital gains (no tax on capital gains). What should I do? Thank you for any advice. – Justme Dec 3 '14 at 7:27
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    @Justme vote. As a US citizen you have the right to send representatives to Congress. Send those who would repeal these horrible laws. – littleadv Dec 3 '14 at 9:14
  • @Justme as to the questions in your first comment - as long as there was no unreported income and unpaid taxes, I don't think that the IRS will go after you for not reporting $0-balance accounts by mistake. Technically they can assess $10K penalty for each of those accounts for each of the unreported years. However, practically - I doubt anyone would even bother looking at your reports. You can (and should) get a proper consultation with a US-licensed CPA/EA who's practicing in your country. – littleadv Dec 3 '14 at 9:16
  • Thank you littleadv. The things that I am worried are the ones that I do not know, especially the earnings in each account of each year since the system here does not report the earnings as there's no tax on it. Also now that the number of accounts are now 26, there are a 4 or more of the accounts that have been 0 for several years and I did not close them down since it was not a concern at those times (waste of time just to close the account) – Justme Dec 4 '14 at 2:21

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