2015 tax + tax questions and FBAR questions

Hello!

I started working in Dec 2014 to help pay the bills, was a SAHM since I moved to UK.  So I worked from Dec 2014 and still currently working. 

> How do I file 2015 tax and what forms, link to print the form?? 
> Do I file FBAR after I send out the 2015 tax form or send them out at the same time? 
> Is there a link to print out the FBAR form?

I'm not sure what is the correct form to use and where to find it.  I was looking at the IRS site and still confuse.    Help please!

As for this year 2016, when do I file that, what is the deadline and where is the form?   

Sorry, previously when I lived in US, I had a accountant that deals with it, but because I can't afford it now, I don't know what I'm doing.  Need to start learning to get an idea.

Thank you!

I've not filed US taxes yet while living in the UK but I'm sure someone will be along shortly to give some info on filing your US taxes.

FBAR is a separate filing and not handled by the IRS.  It used to be a form that one printed out and sent into the Treasury Department.  These days it must be completed online through the Financial Crimes Enforcement Agency (FINCEN).

You can proceed with your FBAR filing without having filed your taxes through the IRS.  It is simply reporting the maximum values of your foreign bank accounts during the previous year.  Information of how to file can be found on the link below.

https://www.fincen.gov/forms/bsa_forms/fbar.html

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

Your FBAR for 2015 was due to have been filed by 30 June 2016. No extensions were allowed.

Your 2016 US return is due to be filed by 15 June 2017, but you can request extensions beyond that date should you need.

If you are a US citizen you have the same filing obligations as when you were living in the US.......so you will file a 1040 and all the necessary schedules as usual.

The FBAR is filed with the Treasury and can be done online.

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

Thank you - durhamlad , guya and nun for replying back to my post.

Big headaches and overwhelm.

Got more questions...

--->  I know I have to file for FBAR.  I have 4 bank accounts, I opened 2 JOINT account with OH since I arrived in UK.  One ISA account, all 3 account is from the same bank.  The 4th bank account ( Different bank ) is the account my work pay goes to.  So with that said, do I just file for 4 FBAR, one for each bank accounts that's in my name.  I now know about the deadline now but I don't know what else I can do besides just filing it still.

--->  I read from the FBAR site....

Exceptions to the Reporting Requirement
Exceptions to the FBAR reporting requirements can be found in the FBAR instructions. There are filing exceptions for the following United States persons or foreign financial accounts:
Certain foreign financial accounts jointly owned by spouses

Do I need to file it? I realize one year, It went over 10k in the joint account even though my OH mainly use it and I just have my name on it.

--->  I opened one bank account online, it ask for address of bank, what do I put?

---> One bank account, I rarely do anything with.  So I am thinking of closing it, do I have to notify them or just not do a thing?
 
--->  If I'm not filing FBAR online, do I print it out and mail it or is it a form I downloaded, fill in and upload onto FBAR site?

---> I realize I didn't file my previous US tax and it's not just 2015.    So in this case, do I just print out a 1040 form for every year I didn't file and mail it off all in one big envelop to USA IRS office?   I know there might be online sites but I find it easier to have it on paper.   Maybe when I learn about this whole tax thing is when I can do the online tax filing.   

Help please 
Thank you for the help!!! 

My thoughts would be that you have to include all accounts that you have signatory authority over regardless of whether or it is you or the OH using the account - you do have the rights to use it.

As for filing by paper via snail mail I'm afraid I think that option is not possible.  When they first went electronic they were clear that paper filings were not accepted any longer.

--->  I know I have to file for FBAR.  I have 4 bank accounts, I opened 2 JOINT account with OH since I arrived in UK.  One ISA account, all 3 account is from the same bank.  The 4th bank account ( Different bank ) is the account my work pay goes to.  So with that said, do I just file for 4 FBAR, one for each bank accounts that's in my name.  I now know about the deadline now but I don't know what else I can do besides just filing it still.

Do I need to file it? I realize one year, It went over 10k in the joint account even though my OH mainly use it and I just have my name on it.

--->  I opened one bank account online, it ask for address of bank, what do I put?

---> One bank account, I rarely do anything with.  So I am thinking of closing it, do I have to notify them or just not do a thing?
 
--->  If I'm not filing FBAR online, do I print it out and mail it or is it a form I downloaded, fill in and upload onto FBAR site?

List the highest balance for each account for the year in question on one Fbar . You don't do one for each account.

If your name is on it or you have signature authority over it, you need to include it. It does not matter who uses it.

Ask your bank which address is associated with your online account, it may end up being head office.

You don't need to notify of an account closure but if it is open at any time during the year, it must be included in the Fbar for that year, if you meet the filing threshold.

You can only file online, there is no longer the option to file on paper.

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

Just two tips:
1. Think about using the IRS streamlined procedures to minimise possible penalties; and
2. An FBAR requires reporting all foreign financial accounts, not just bank accounts. If, for example, you used a transfer agent such as Transferwise to move money to the UK this would also be reportable.

Just two tips:
1. Think about using the IRS streamlined procedures to minimise possible penalties; and
2. An FBAR requires reporting all foreign financial accounts, not just bank accounts. If, for example, you used a transfer agent such as Transferwise to move money to the UK this would also be reportable.

Why would Transferwise (or similar) be reportable as a foreign account? The money transfered goes from a personal US bank account to a Transferwise US bank account, then appears in the sender's UK bank account. To list the bank Transferwise uses would be to list a US bank.

This was the decision announced just a couple of weeks back in the Ninth Circuit in the case of U.S. v. Hom, (CA 9 7/26/2016), 118 AFTR 2d ¶ 2016-5057. That case referred to a similar enterprise called FirePay that shut down in 2007. Transferwise is headquartered in London (just like FirePay was) CurrencyFair is similarly headquartered in Ireland...

This was the decision announced just a couple of weeks back in the Ninth Circuit in the case of U.S. v. Hom, (CA 9 7/26/2016), 118 AFTR 2d ¶ 2016-5057. That case referred to a similar enterprise called FirePay that shut down in 2007. Transferwise is headquartered in London (just like FirePay was) CurrencyFair is similarly headquartered in Ireland...

But the address of the bank that money is wired to is a US bank.  I would never have considered this a possibility as an FBAR account over which I have signatory access as the money never touches a Transferwise foreign account that I even know about let alone have any authority over.

Does this mean my US HSBC checking and savings accounts have to reported on an FBAR disclosure just because HSBC is a UK company registered in London?

Seems pretty weird to me.

But the address of the bank that money is wired to is a US bank.  I would never have considered this a possibility as an FBAR account over which I have signatory access as the money never touches a Transferwise foreign account that I even know about let alone have any authority over.

Does this mean my US HSBC checking and savings accounts have to reported on an FBAR disclosure just because HSBC is a UK company registered in London?

Seems pretty weird to me.

FirePay has shut down, so it's not easy to find out if the account was held in the US, or the UK. In any case, it seems that it was a UK institution that wasn't licensed as a bank or financial entity in the US. It's not clear if they had THEIR accounts in the US or UK, or where Mr. Hom's account was located. It seems that the court decided that, because FirePay was a UK entity, the account was a foreign account.

In the case of Transferwise, their FAQ clearly states:

"TransferWise works with licensed banking partners in the United States. Our partners are regulated by the US Treasury Department regulator, FinCEN. Regarding anti-money laundering, they are also regulated by the Bank Secrecy Act."

They also state on their site "The TransferWise program in the United States is sponsored by Community Federal Savings Bank, to which TransferWise is a service provider, except in certain states in which TransferWise Inc. is a licensed money transmitter."

If TransferWise transfers money from your US account, to a US partner's US account, and the US partner then transfers it to your UK account, then it would seem that there's no FBAR required for the TransferWise account. I guess that it's possible they transfer the money from their US partner's account to their UK account and then forward it to your UK account. But, in that case, you don't own their UK account, don't hold a balance there, can't direct what happens to it, don't have access or authority over it or even know that it exists.

In the case of XE.com (which I use), my agreement is actually with a part of Western Union, "Custom House USA, LLC", a US-domiciled, US-licensed foreign transmittal agency. XE.com is a service provider to Custom House USA, LLC.

In the case of your US HSBC account, it's with "HSBC USA", a US entity and US-licensed banking institution, not with the HSBC UK entity.

CurrencyFair, on the other hand, states "Unfortunately at this time we are not licensed  to receive business from United States residents. We do hope this will change in the future but for now we are unable to provide a timeline as to when this might happen."

Guya is very knowledgeable, and I'm not. So maybe I'm missing something. But it seems to be that TransferWise, XE and, for all I know, others, go to great pains to be legitimate by having their own or partner licensed US entities.

FirePay has shut down, so it's not easy to find out if the account was held in the US, or the UK. In any case, it seems that it was a UK institution that wasn't licensed as a bank or financial entity in the US. It's not clear if they had THEIR accounts in the US or UK, or where Mr. Hom's account was located. It seems that the court decided that, because FirePay was a UK entity, the account was a foreign account.

In the case of Transferwise, their FAQ clearly states:

"TransferWise works with licensed banking partners in the United States. Our partners are regulated by the US Treasury Department regulator, FinCEN. Regarding anti-money laundering, they are also regulated by the Bank Secrecy Act."

They also state on their site "The TransferWise program in the United States is sponsored by Community Federal Savings Bank, to which TransferWise is a service provider, except in certain states in which TransferWise Inc. is a licensed money transmitter."

If TransferWise transfers money from your US account, to a US partner's US account, and the US partner then transfers it to your UK account, then it would seem that there's no FBAR required for the TransferWise account. I guess that it's possible they transfer the money from their US partner's account to their UK account and then forward it to your UK account. But, in that case, you don't own their UK account, don't hold a balance there, can't direct what happens to it, don't have access or authority over it or even know that it exists.

In the case of XE.com (which I use), it's a part of Western Union, and I'm dealing with "Custom House USA, LLC", a US-domiciled, US-licensed foreign transmittal agency.

In the case of your US HSBC account, it's with "HSBC USA", a US entity and US-licensed banking institution, not with the HSBC UK entity.

CurrencyFair, on the other hand, states "Unfortunately at this time we are not licensed  to receive business from United States residents. We do hope this will change in the future but for now we are unable to provide a timeline as to when this might happen."

Guya is very knowledgeable, and I'm not. So maybe I'm missing something. But it seems to be that TransferWise, XE and, for all I know, others, go to great pains to be legitimate by having their own or partner licensed US entities.

Thank you, that all makes sense.  I would have no idea what Transferwise UK bank sort code or account number to list on the FBAR form.

One other point that may make a difference here: the U.S. v. Hom opinion states that the FirePlay account fit within the definition of a financial institution (it transmitted money and held it on deposit), and a foreign one at that (because it was based in and regulated by the UK). That seems pretty cut and dried, based on the citations in that opinion, and on common sense.

With both TransferWise and XE, your agreement is with a US entity (a licensed and regulated US financial institution), that appears to do the actual moving of the money. From XE's site:

XE Trade is available in several countries. XE partners with local businesses who provide the currency exchange and money transfer services and who are registered/licensed in all jurisdictions served by XE Trade including the U.S., U.K., Canada, and Australia.

Both TransferWise and XE provide a service to that US financial institution, apparently through their US operations, apparently to provide a web front-end to set up the money transfers. The money may be moving in various ways (SWIFT, correspondent/Nostro accounts, and other ways) between your US and UK accounts, but it doesn't seem to have any stopovers in accounts that you own, control, or have signature authority over, or even have knowledge of.

I'm very interested in Guya's opinion on this, as he's the expert (and, again, I'm definitely not....just an interested amateur no more reliable than any other internet source).

Hi, I just filed FBAR and now I have to file previous tax.

I saw links on the IRS site to websites that offer previous tax forms to file.

Though, do I use 1040 on the IRS website?
Do I use my P60 in replace of W2?

Thanks