US Expats: Individuals Filing the Report of Foreign Bank & Financial Accounts (FBAR) 2024

[connda]

It's that time of year again for those American expats who hold Thai bank account(s) to file an FBAR with the US Treasury.  It seems as though the filing deadline is still April 15, 2024.  Just a "heads-up."  It looks as though the site may have been slightly changed from last year.  Here's the filing link for individual filers:

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

[Jingthing]

3 minutes ago, connda said:

It's that time of year again for those American expats who hold Thai bank account(s) to file an FBAR with the US Treasury.  It seems as though the filing deadline is still April 15, 2024.  Just a "heads-up."  It looks as though the site may have been slightly changed from last year.  Here's the filing link for individual filers:

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

The real deadline is October 15.

What's the treasury baht rate for 2023?

[retarius]

I understood the filing date for expats was always June 15th? At least that's what my US accountant has always told me. Has the date change, or was she wrong in telling me June 15th. I have always filed later in the year on October 15th, but I understand your accountant has to apply to file at this date, and you are liable for late penalties if you owe taxes. 

[TallGuyJohninBKK]

11 minutes ago, retarius said:

I understood the filing date for expats was always June 15th?

 

The June date is the filing deadline for tax filings, when you add in the automatic two month extension for filers who live abroad.

 

That deadline doesn't apply to the FBAR filing requirement, which is a whole separate regimen.

 

[TallGuyJohninBKK]

https://www.fincen.gov/sites/default/files/2020-03/Due_Date_for_FBARs.pdf

 

There's both the April and the October deadline dates... But in reality, it's the mid October one that effectively becomes the real deadline for FBAR.

 

"Specifically, section 2006(b)(11) of the Act changed the FBAR due date to April 15 to coincide with the Federal income tax filing season. The Act also mandated a maximum six-month extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN grants 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."

 

 

Edited April 1 by TallGuyJohninBKK

[retarius]

Thanks.

My main account was opened here way before FACTA was introduced. I am a dual national so I doubt they report anything to the IRS....when FACTA was introduced in about 2010 or so, there was a lot of talk about banks refusing US clients because they didn't want have to report interest etc.

My SS of course is paid into Bangkok Bank which is, of course, FACTA compliant, but a bit inconvenient with no debit card (although that may have changed?)

[TallGuyJohninBKK]

6 minutes ago, retarius said:

Thanks.

My main account was opened here way before FACTA was introduced. I am a dual national so I doubt they report anything to the IRS....when FACTA was introduced in about 2010 or so, there was a lot of talk about banks refusing US clients because they didn't want have to report interest etc.

My SS of course is paid into Bangkok Bank which is, of course, FACTA compliant, but a bit inconvenient with no debit card (although that may have changed?)

 

 

FATCA and FBAR are two different, but somewhat related requirements.

 

The FBAR reporting requirement has the lower, $10,000 reporting threshold for holding foreign financial assets. And thus applies to more expats.

 

The FATCA filing requirement has various and HIGHER reporting thresholds for holding foreign assets, depending on the filer's personal status (living in the U.S. vs abroad, single vs. married).

 

For expats who live abroad, because of its higher dollar thresholds vs those living in the U.S., the FATCA reporting requirement applies to a whole lot fewer expats than the FBAR one does.

 

Edited April 1 by TallGuyJohninBKK

[Jingthing]

36 minutes ago, retarius said:

I understood the filing date for expats was always June 15th? At least that's what my US accountant has always told me. Has the date change, or was she wrong in telling me June 15th. I have always filed later in the year on October 15th, but I understand your accountant has to apply to file at this date, and you are liable for late penalties if you owe taxes. 

October 15 is automatic extension applicated needed for FBAR.

For IRS you do need to file for an October 15 extension.

 

[NoDisplayName]

1 hour ago, Jingthing said:

The real deadline is October 15.

What's the treasury baht rate for 2023?

 

https://fiscaldata.treasury.gov/datasets/treasury-reporting-rates-exchange/treasury-reporting-rates-of-exchange

 

or

 

https://fiscaldata.treasury.gov/currency-exchange-rates-converter/

Edited April 1 by NoDisplayName

[biervoormij]

Small point but I believe you will be doing the 2023 filing this year.

 

@Jingthing I used 34.802 from the following URL.

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

 

[lopburi3]

1 hour ago, Jingthing said:

The real deadline is October 15.

What's the treasury baht rate for 2023?

34.33 for FBAR reporting 2023.

https://www.irsstreamlinedprocedures.com/fbar-department-of-treasury-exchange-rates-2020-2/

[NoDisplayName]

1 hour ago, connda said:

It's that time of year again for those American expats who hold Thai bank account(s) to file an FBAR with the US Treasury.  It seems as though the filing deadline is still April 15, 2024.  Just a "heads-up."  It looks as though the site may have been slightly changed from last year.  Here's the filing link for individual filers:

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

 

There's no need to wait to file an FBAR.  I keep a small spreadsheet updated, and just need the conversion rate to file early in January.

 

Only takes about 10 minutes online for 7 Thai accounts and 3 Chinese bank accounts.