US Citizens: Make sure to file your FBAR with FinCEN if you have funds in a Thai bank account

[connda]

It's that time of year.  Make sure to file your FBAR with FinCEN if you have funds in a Thai bank account.

From the IRS site:  "The FBAR is an annual report, due April 15 following the calendar year reported. You're allowed an automatic extension to October 15 if you fail to meet the FBAR annual due date of April 15.

For individuals file here:
http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

[Jingthing]

Yeah but I'm curious why the initial FBAR deadline is April 15 while the IRS deadline date is April 18.

[connda]

5 hours ago, Jingthing said:

Yeah but I'm curious why the initial FBAR deadline is April 15 while the IRS deadline date is April 18.

The Treasury Department processes the FBARs.

[connda]

I wonder how many US expats don't file annually.  ????

[Jingthing]

29 minutes ago, connda said:

I wonder how many US expats don't file annually.  ????

Probably most because most aren't required to under the rules.

[Jingthing]

30 minutes ago, connda said:

The Treasury Department processes the FBARs.

Yes I know but I recall they were trying to match the IRS filing date with the FBAR date but they don't match when IRS date isn't the 15th.

[connda]

15 hours ago, Jingthing said:

Probably most because most aren't required to under the rules.

Who Must File the FBAR?

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.

That's pretty much any US citizen who is using the 400K or 800K 'in the bank" option for immigration purposes.

[Chicksaw]

Easy form to file. And if you tend to keep the same bank ac. then just cut and paste over to next year, except for some numbers.

[Jingthing]

49 minutes ago, connda said:

Who Must File the FBAR?

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.

That's pretty much any US citizen who is using the 400K or 800K 'in the bank" option for immigration purposes.

Yes but internationally I reckon most expats are under that threshold most years.

[connda]

6 hours ago, Chicksaw said:

Easy form to file. And if you tend to keep the same bank ac. then just cut and paste over to next year, except for some numbers.

You have an option to use Adobe or an online form.
Adobe is the best way imho as you just unsign last years PDF, update the amounts, re-sign it, and submit it, and Bob's Your Accountant Uncle.

[connda]

5 hours ago, Jingthing said:

Yes but internationally I reckon most expats are under that threshold most years.

Yeah, could be.  ????

[Presnock]

On 4/14/2023 at 11:49 AM, Jingthing said:

Yes but internationally I reckon most expats are under that threshold most years.

well, unless my math is erroneous, 400K baht or 800K baht is more than 10K usd.  Requirement says any time your account reaches an aggegate of 10k you are required that year (if you do a yearly long stay report using the 400 or 800 totals) your bank acct has reached over 10K so you would need to file a fbar stating

that fact.  The reason they eventually catch folks is that the Thai bank under an international agreement can provide the US justice dept with your bank details.

[Jingthing]

4 minutes ago, Presnock said:

well, unless my math is erroneous, 400K baht or 800K baht is more than 10K usd.  Requirement says any time your account reaches an aggegate of 10k you are required that year (if you do a yearly long stay report using the 400 or 800 totals) your bank acct has reached over 10K so you would need to file a fbar stating

that fact.  The reason they eventually catch folks is that the Thai bank under an international agreement can provide the US justice dept with your bank details.

I said internationally.