I am a British citizen and live and work in the U.K. From US standpoint, I am a non-resident alien. I am not a US citizen. I do not have a US green card. I still have money in the U.S, from the days I used to work there. These are in bank accounts, taxable brokerage (Etrade/Vanguard) accounts, and my old 401k. I have various bank accounts and brokerage accounts in the UK of course.
I file a US Form 1040-NR every year. I go thru an excellent tax accountant in the US to do this. This accountant has advised me that I need to file an FBAR Form TDF 90-22.1 by June 30. An FBAR is declaration of all "foreign assets". I thought it applied only to US citizens or green card holders. Even if I declared my non-US assets (UK bank accounts etc), I would not be paying tax to the IRS on these, so I always assumed it does not apply to me.
In any case, I filed it last year but mailed the form on 30 June 2012. I am disorganized and almost always procrastinate. Apparently mailing the form by June 30 does not count. It must reach the IRS before June 30. I continued the same habit this year as well, and mailed it on June 29. It will be 3 to 4 business days to reach them. The penalties are pretty draconian. It is something like $10,000 per account per day late filing fine so I am losing sleep over it today. tried to reach my accountant but he is quite busy and I am unable to get thru to him. Plus, I have not filed Form 8938 yet. I only mailed the TDF 90-22.1.
*) Does Form 8938, FBAR TDF 90-22.1 apply for non resident aliens ?
*) Whats the best I can do now ?
*) Has anyone ever been fined (especially non resident alien who would not pay US tax on non US assets anyway, even if they declared) this $10,000 per day stuff ?
I hope to change my habits and be more organized and timely next year, but we are where we are, and I wonder what I can do now to avoid 6 digit fines. I did not get fined last year, even tho I mailed it only on 30 June so I am hoping it is fine this year too.
Look forward to hearing from you. Thanks !