ATTN: All US Citizens FBAR

Due to a law passed last year, the new filing date for FBAR’s is now April 15, NOT June 30 as it has been in previous years

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As I understand it, the actual date you need to file by has been extended until October.

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Thanks, I didn’t see that. Typical IRS. They set a deadline of April 15, but grant an automatic extension to October 15 each year ( without any need for a specific request ). Why not just make the due date October 15 ? However, I don’t trust them. I’ll file by the 15th. You look at what they say on the IRS page and what the law actually says, it is 2 different things. On their page they say:

FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required.

The law actually says:

  1. The due date of FinCEN Report 114 (relating to Report _
    of Foreign Bank and Financial Accounts) shall be April 15_
    with a maximum extension for a 6-month period ending on October _
    15 and with provision for an extension under rules similar to _
    the rules in Treas. Reg. section 1.6081-5.NOTE: Waiver
    authority.; For any taxpayer required to file such Form for the
    first time, any penalty for failure to timely request for, or
    file, an extension, may be waived by the Secretary

I see nothing in the law ( HR 3236 ) or 26 CFR 1.6081-5 that mentions an automatic extension. 26 CFR says you have to make a request in writing. Under HR 3236 ,Corporations are granted an automatic extension. Individual taxpayers are granted automatic extension for certain forms, but when they mention FBAR, they never say automatic ( as they do with the other forms )

PS You would think that since these idiots took the time to address FBAR, they would at least have raised the limit and brought it into the 21st century. The $10,000 threshold was set in 1970. That would be the equivalent of about $60,000 today.

I saw a new website about FBAR filing.

https://fbarfiling.org/

I cannot see who actually owns this site…but seems information is pretty comprehensive…but please do be careful as filing FBAR is important.

Looks like a legit site as far asinfo goes -however they have not updated it. They still list the filing date as June 30. It is no longer that. It is April 15. Having said all that, I would never use a 3rd party site to file ( don’t know if they offer that ). I file using the link the IRS gives explaining FBAR : ( I think the site where you actually file is the Financial Crimes Unit - They automatically suspect you are a criminal just by having an overseas account !! )

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

You only have to file FBar once right? Its not something you have to do each year?

No, you have to do it each and every year. Don’t take this to the bank but they changed the deadline to 4/15 this year for 2016 filling, but there’s an automatic extension to 10/15. At least I hope there is lol.

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I think they force you to do it every year. There are penalties if they catch you not doing it but not sure how much they enforce this.

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Yea Im definitely filing each year…, not messing around with Fbar

Do we need to file an FBAR for our pensions here in Taiwan? I mean does that amount come into play for the FBAR requirement?

Doesn’t seem so

But, you don’t need to report foreign financial accounts that are:

  • Held in a retirement plan of which you’re a participant or beneficiary,
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I hope you’re right.

It doesn’t make sense since the US government would be forcing other governments to comply with this stupid rule. But another confirmation would put my mind more at ease!

Tw new pension system is set up in such a way that you do not need to report it on an FBar. That isn’t always the case for other countries.

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Thanks much! Makes me feel much better hearing that from an accountant. Please don’t bill me.

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Another way to get around reporting FBAR is to open over 25 foreign accounts: Reporting a Financial Interest in 25 or More Foreign Financial Accounts | FinCEN.gov

In this case you just check a checkbox and have documentation in case of audit

Would guess there is a higher rate of an audit if an individual goes this route, compared to a foreign company.

That’s a lot of work to avoid a simple quick form once a year.

Or just don’t keep more than $10,000 overseas. Keep your US accounts and withdraw from ATMs when you need cash.

That means your direct deposit paycheck in Taiwan has to be less than that (which in NT is a lot lower than it was a few years ago), and you have to transfer it out every month. Also means you can’t buy a car or any other big-ticket item locally unless you want to keep that much in cash on you. What’s the big deal with just filling out the FBAR?

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I just filed Fbar, took 5 minutes, would have been 3 mins if I didnt have to sign into my Taiwanese bank account. I imagine if I had like 4 Taiwanese bank accounts it could even take up to 10 mins to fill out Fbar each yr

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