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Topic: FBAR issues  (Read 3558 times)

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  • Dar
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Re: FBAR issues
« Reply #15 on: September 16, 2009, 01:37:57 PM »
It is a year on year requirement.

Even if you close the account and your other accounts combined never reach $10K?  That seems a little ridiculous.  Then again, it is a government thing.
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Re: FBAR issues
« Reply #16 on: September 16, 2009, 01:43:20 PM »
I think 'year on year requirement' means that if you meet the requirements in a year, then you file.  If you don't, then you don't.


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Re: FBAR issues
« Reply #17 on: September 16, 2009, 01:46:47 PM »
Yes, exactly.  Sorry I wasn't more clear.   :-[


  • Dar
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Re: FBAR issues
« Reply #18 on: September 16, 2009, 01:59:00 PM »
Yes, exactly.  Sorry I wasn't more clear.   :-[

No worries. My fault for misreading.  Very tired after a business trip today.
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Re: FBAR issues
« Reply #19 on: September 23, 2009, 02:17:13 PM »
The IRS have extended the deadline to Oct 15th:

http://www.irs.gov/newsroom/article/0,,id=213463,00.html

I especially like the language in there - "hidden offshore accounts". Clearly if people have bank accounts in their overseas country of residence they must be hiding the money from the US government. So tiresome.


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Re: FBAR issues
« Reply #20 on: September 23, 2009, 09:43:56 PM »
The IRS have extended the deadline to Oct 15th:

http://www.irs.gov/newsroom/article/0,,id=213463,00.html

I especially like the language in there - "hidden offshore accounts". Clearly if people have bank accounts in their overseas country of residence they must be hiding the money from the US government. So tiresome.

This is not an FBAR extension. This extension relates only to those who choose to pay the 20% penalty under the voluntary disclosure initiative.


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Re: FBAR issues
« Reply #21 on: September 24, 2009, 07:36:09 AM »
I haven't heard anything from the US gov't thus far and it's now been several months since we sent out FBAR in. I wish I would've sent it trackable mail, so I at least knew if they got it.







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Re: FBAR issues
« Reply #22 on: October 10, 2009, 05:27:49 PM »
I only just heard about this form yesterday!  :o And I've been here 9 years!

Our combined savings accounts are less than US $10,000. But we do have a large mortgage -- I assume I need to disclose this?

Edited: Actually, do we only have to do this for accounts where we save money, not for accounts where we owe money? Hopefully I'm panicking for nothing.
« Last Edit: October 10, 2009, 08:45:54 PM by GinaG65 »


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Re: FBAR issues
« Reply #23 on: October 11, 2009, 03:59:27 PM »
I haven't heard anything from the US gov't thus far and it's now been several months since we sent out FBAR in. I wish I would've sent it trackable mail, so I at least knew if they got it.

I've wondered about this, too.  I live in the US and have filed the TDF 90-22.1 two years now.  The first year I sent it Return Receipt Requested, so I have the post office receipt that proves the Treasury Dept. received the form.  However, this cost about $12 or so which I resented paying.  The second year I just sent it in via regular mail, so at any time in the future, Treasury could claim they didn't receive it.  I don't know why they can't just send a postcard in the mail to acknowledge receipt of the TDF 90-22.1...


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Re: FBAR issues
« Reply #24 on: October 13, 2009, 09:22:59 AM »
This is not an FBAR extension. This extension relates only to those who choose to pay the 20% penalty under the voluntary disclosure initiative.

The extension was for the whole program scope.  Everybody get your FBARs in by Thursday!!!


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Re: FBAR issues
« Reply #25 on: October 13, 2009, 02:51:50 PM »
The extension was for the whole program scope.  Everybody get your FBARs in by Thursday!!!
"The FBAR is due by June 30th of the year following the year that the account holder meets the $10,000 threshold."  (from the FBAR FAQ)
The extension from September 23, 2009 until October 15, 2009 is just for people who come under the "Special Voluntary Disclosure" category.


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Re: FBAR issues
« Reply #26 on: October 13, 2009, 04:00:51 PM »
"The FBAR is due by June 30th of the year following the year that the account holder meets the $10,000 threshold."  (from the FBAR FAQ)
The extension from September 23, 2009 until October 15, 2009 is just for people who come under the "Special Voluntary Disclosure" category.

The voluntary disclosure program as a whole was extended to October 15.  Part of the voluntary disclosure program was sending in your FBAR forms -- for reporting purposes only, you must have declared the income on your US tax returns.  So as a result, if people haven't filed their FBARs they can do so until October 15.


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Re: FBAR issues
« Reply #27 on: October 13, 2009, 04:16:40 PM »
The extension was for the whole program scope.  Everybody get your FBARs in by Thursday!!!
I'm not trying to nitpick, or be especially pedantic, but... the IRS announcement dated September 23 states "The Internal Revenue Service today announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until Oct. 15, 2009."

On the face of it, then, the normal deadline (i.e. June 30 of the year following the year that the account holder meets the $10,000 threshold) still applies to taxpayers who have reported their income in the normal way, income, that is, from accounts that are not "hidden."  So, if you sent in your TDF 90-22.1 by the June 30 deadline in 2008, I don't see that you can send it in late by the new October 15, 2009 deadline for 2009...?


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Re: FBAR issues
« Reply #28 on: October 13, 2009, 07:15:12 PM »
I'm not trying to nitpick, or be especially pedantic, but... the IRS announcement dated September 23 states "The Internal Revenue Service today announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until Oct. 15, 2009."

On the face of it, then, the normal deadline (i.e. June 30 of the year following the year that the account holder meets the $10,000 threshold) still applies to taxpayers who have reported their income in the normal way, income, that is, from accounts that are not "hidden."  So, if you sent in your TDF 90-22.1 by the June 30 deadline in 2008, I don't see that you can send it in late by the new October 15, 2009 deadline for 2009...?

Not sure how many more ways to say this...

The original disclosure program to 23 September included the FBAR reporting, if all you had done was forget to file (or not know to file).  One article on this is here:

http://www.irs.gov/newsroom/article/0,,id=210174,00.html

The October 15 extension applied to the whole of the disclosure program, including the FBAR filing as mentioned above.  One article on this is here:

http://www.irs.gov/newsroom/article/0,,id=210027,00.html

A snippet from the above.

Quote
The IRS announced a one-time extension of the September 23, 2009 deadline for special voluntary disclosures by taxpayers with unreported income from offshore accounts. Taxpayers now have until October 15, 2009. There will be no further extensions.

The September 23, 2009, deadline for certain FBAR filers and certain offshore-related information returns who have no unreported income is also extended to Oct. 15, 2009.. All other guidance included on the page may still be relied upon.


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Re: FBAR issues
« Reply #29 on: October 13, 2009, 08:49:58 PM »
Sara - the IRS guidance is not Title 31 statute or Regs and not clear and indeed may exceed the authority of the IRS over Title 31.  It can be read any way you or or I want but the DoJ could ignore this badly worded IRS stuff if they choose.

Many folks thankfully have an extension thru' June 30th, 2010 - do you want to explain when this applies?


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