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Aerosick

Has anyone been contacted about their FBAR or lack of?

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Aerosick

I read about this in another Topic and just wondering if anyone has had to deal with the IRS on this? How does the IRS get wind of your bank accounts balances?

 

Posted Today, 08:05 AM

Also remember that if you have the equivalent of 10,000 dollars total in foreign bank accounts (even if not income) at any time during the year you must also file what is called FBAR report to treasury each year before the end of June.  This is now done on-line only and is not part of your normal tax paperwork (although many tax programs will include it for separate filing).  If more than 50k there is additional paperwork. 

http://www.irs.gov/B...l-Accounts-FBAR

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Monsoon

 

 

How does the IRS get wind of your bank accounts balances?

 

Countries with weak backbones give in to US pressure. 

 

Basically the US uses its catch all of combating terrorism to encourage countries to comply with the FATCA. It has gotten so bad now that many institutions will not open accounts for US citizens, they just don't want to deal with the regulation.  They also pressure them (blackmail) them by threatening to put them on the IMF blacklist. If I did business like this I would be in prison. 

 

Have a read of FATCA. 

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Paul

Do not store off shore funds in your name. Period. Ever. 

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Aerosick

Countries with weak backbones give in to US pressure. 

 

Basically the US uses its catch all of combating terrorism to encourage countries to comply with the FATCA. It has gotten so bad now that many institutions will not open accounts for US citizens, they just don't want to deal with the regulation.  They also pressure them (blackmail) them by threatening to put them on the IMF blacklist. If I did business like this I would be in prison. 

 

Have a read of FATCA. 

 

Another reason Americans citizens and permanent residents are giving up their citizenships. Up by 221% over last year.

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Davaoeno

During one of the big trials of a politician in Manila [ re looking for graft funds] it was stated that it is against the law for filipino banks to disclose any details re a bank account that is in US funds.

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Monsoon

During one of the big trials of a politician in Manila [ re looking for graft funds] it was stated that it is against the law for filipino banks to disclose any details re a bank account that is in US funds.

 

There are exceptions to the rule (foreign tax law compliance) or something along those lines. It was amended under pressure and threat of IMF blacklisting. 

Do not store off shore funds in your name. Period. Ever. 

 

I wouldn't go to that extreme. Even if you are a signer on the account, you need to comply with the requirement. So, as an officer of a company if you are a signatory on the bank account you need to report that account under FATCA. They get tons of these reports. Its not a big deal really unless you are trying to hide something. Such as money that you received and never reported as income. 

Edited by Monsoon

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Paul

Well, it puts a stop to the problem.

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Aerosick

I wouldn't go to that extreme.

 

 

Why not? What are the alternatives, if any???

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Monsoon

Why not? What are the alternatives, if any???

 

File an FBAR and comply with the law. That is what I and thousands of American's living abroad do. 

 

Another alternative would be to keep multiple accounts all under $10k balance. 

Edited by Monsoon

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Aerosick

File an FBAR and comply with the law. That is what I and thousands of American's living abroad do. 

 

So, back to answering my Topic Title:

 

Has anyone been contacted about their FBAR or lack of?

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Paul

File an FBAR and comply with the law. That is what I and thousands of American's living abroad do. 

 

Translation: Let the government screw you out of money they have no right to.

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Monsoon

So, back to answering my Topic Title:

 

Has anyone been contacted about their FBAR or lack of?

 

No. 

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Paul

So, back to answering my Topic Title:

 

Has anyone been contacted about their FBAR or lack of?

 

No,

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Monsoon

Translation: Let the government screw you out of money they have no right to.

 

Well so long as Amercans keep letting the government get away with being one of the only developed countries who taxes their citizens worldwide, then the IRS has its long arm of the law over us. 

 

Trouble is not enough Americans have passports, let alone live and work abroad to create enough of a majority to get things like this lobbied and changed. 

 

As I've mentioned in another post, the government takes a very suspicious stance towards anyone claiming the foreign earned income exemption. It is almost a guarantee for some level of audit. It is almost like they think, "How dare you!" Even though it is part of their tax code! This is how the American government views people living abroad (unless they are doing so under the government's employ). 

 

I was interviewing various tax attorneys to represent me on a matter with the IRS recently and one of them said something to me like, "filing and paying taxes are part of continuing to enjoy American citizenship." I laughed at him and told him he didn't know what he was talking about since my citizenship is a birth right and has nothing to do with my tax status. What a complete buffoon. Obviously I didn't hire him. 

Edited by Monsoon
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