FBAR.... It was due on 15 April..

[moontang]

I assumed, wrong, that there was an extension.  There was not.  I was able to successfully file it and have it accepted a few days late.  You can check one of several reasons for being late, or write an explanation.  I checked DIDN'T HAVE RECORDS.  Just a heads up to you all. 

[hereforgood]

I was 2 months late 2 years ago no issue. Now i fill out the Fbar forms for 5 years in advance with all the information except the amounts in the banks then it takes only 2 or 3 mins to finish it yearly. 

 

I believe i checked I forgot

Edited April 21, 2021 by hereforgood

[Jingthing]

I wouldn't conclude that having to check a reason really means there isn't an automatic extension.

Our government at work.

BTW.-- what baht exchange rate did you use?

[moontang]

19 minutes ago, Jingthing said:

I wouldn't conclude that having to check a reason really means there isn't an automatic extension.

Our government at work.

BTW.-- what baht exchange rate did you use?

I called it 30.50, which I can guarantee you is not correct, but close enough. 

[moontang]

20 minutes ago, Jingthing said:

I wouldn't conclude that having to check a reason really means there isn't an automatic extension.

Our government at work.

BTW.-- what baht exchange rate did you use?

Don't know if it would have accepted it without a box checked or other and explanation.... Maybe they can explain why Google and Apple have a trillion stashed offshore, yet they are more concerned with money required to be there for my visa. 

[Jingthing]

Just now, moontang said:

Don't know if it would have accepted it without a box checked or other and explanation.... Maybe they can explain why Google and Apple have a trillion stashed offshore, yet they are more concerned with money required to be there for my visa. 

I doubt they would have. But think of it this way. We know the deadline was April 15. We also know there is an automatic extension that you don't have to apply for. So it was "late" and they wanted a reason on the form. But there is no consequence for being "late" before October 15. Same difference. 

[pablo el sueco]

59 minutes ago, moontang said:

I called it 30.50, which I can guarantee you is not correct, but close enough.

 

 

For calendar year 2020, the correct rate was 29.92

 

 

 

 

 

 

 

 

 

 

[moontang]

On 4/21/2021 at 6:03 PM, Jingthing said:

I doubt they would have. But think of it this way. We know the deadline was April 15. We also know there is an automatic extension that you don't have to apply for. So it was "late" and they wanted a reason on the form. But there is no consequence for being "late" before October 15. Same difference. 

Do you have a link showing an automatic extension for individual account holders? 

[Jingthing]

14 minutes ago, moontang said:

Do you have a link showing an automatic extension for individual account holders? 

Yes.

 

Straight from the whore's mouth

 

 

https://www.irs.gov/newsroom/irs-reminds-foreign-bank-and-financial-account-holders-the-fbar-deadline-remains-april-15

 

 

However, filers missing the April 15 deadline will receive an automatic extension until October 15, 2021, to file the FBAR. They don’t need to request the extension.

 

Edited April 23, 2021 by Jingthing

[TallGuyJohninBKK]

27 minutes ago, Jingthing said:

Yes.

 

Straight from the whore's mouth

 

 

https://www.irs.gov/newsroom/irs-reminds-foreign-bank-and-financial-account-holders-the-fbar-deadline-remains-april-15

 

 

However, filers missing the April 15 deadline will receive an automatic extension until October 15, 2021, to file the FBAR. They don’t need to request the extension.

 

 

 

I believe is Jing is correct above. I just got finished filing mine on April 15, because I couldn't remember whether FBAR got the same special one month extension that federal tax filings did this year (for the general public) or something else. (FBAR isn't exactly a topic that rivets my attention throughout the year!)

 

But once I got back into that fun subject, I saw and recalled that they still have that automatic October extension provision, and fortunately hadn't changed the rules again in the intervening year..

 

So, in reality, the final deadline for FBAR each year is far past the general public April 15 tax filing deadline, and even beyond the automatic extra two months given expats living abroad, which pushes our/their tax filing date to June 15 in a normal year.

 

Still, why put off until tomorrow what you can do today. Those maximum prior 6 month online Thai banking statements are only getting older and farther out of reach, the longer you wait. ????

 

[TallGuyJohninBKK]

On 4/22/2021 at 6:16 AM, pablo el sueco said:

 

For calendar year 2020, the correct rate was 29.92

 

 

 

That's strange, the IRS official average exchange rate for the USD-THB for 2020 was 31.271.

 

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

 

Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars

 

Not that it matters greatly, AFAIK, unless you happen to be right on the borderline of some high enough/higher foreign financial interests that could push you into the additional FATCA reporting scheme.

 

[Jingthing]

It's not supposed to be the average rate. It's the rate on the last day of the year being reported.

[moontang]

5 hours ago, Jingthing said:

Yes.

 

Straight from the whore's mouth

 

 

https://www.irs.gov/newsroom/irs-reminds-foreign-bank-and-financial-account-holders-the-fbar-deadline-remains-april-15

 

 

However, filers missing the April 15 deadline will receive an automatic extension until October 15, 2021, to file the FBAR. They don’t need to request the extension.

 

Thanks.... What a goddamn stupid way to present a deadline....it still is, but it isn't. Almost as idiotic as Immigration. 

[Pib]

13 hours ago, moontang said:

Thanks.... What a goddamn stupid way to present a deadline....it still is, but it isn't. Almost as idiotic as Immigration. 

 

The reason for "....stupid way to present a deadline..." leads back to Congress when in 2015 they updated a law with language/requirements the U.S. Treasury didn't particularly like in that it gave the U.S. Treasury authority to extend the 15 April date,  extending it all the way up to 15 Oct, and leaving it up to the U.S. Treasury in how they implement extensions.   

 

See below weblink for more info....and partial quote is included below..

https://www.hodgsonruss.com/newsroom-publications-9619.html

Quote

 

The Act directed the Treasury Department to modify the appropriate regulations to change the due date of the FBAR for U.S. residents from June 30 of the following year to April 15 and to change the due date of the FBAR for non-U.S. residents to June 15. The Act also directed the Treasury to provide for a maximum extension for filing the FBAR to October 15 for both U.S. residents and nonresidents. Presumably the IRS or the Treasury’s FinCEN division will either develop a form for requesting an automatic extension of time to file the FBAR by October 15 or will modify IRS Form 4868 or IRS Form 7004 to incorporate the FBAR.

 

 

 

 

Well, the U.S. Treasury simply did "not" want to get involved in processing FBAR extension requests and each year they basically say the law says you really should file by 15 April, however, if  you can't for whatever reason you have until 15 Oct and there is no need to request the extension as it's automatic.