Us Foreign Bank Account Reporting

[55Jay]

Not sure if any relevance, FWIW, recall reading an older thread saying to use IE browser vs. another, Firefox, etc. I filed online first time this year, switched to IE and got it done. Email acknowleding receipt then after a few days, another saying accepted/processed.

[Jingthing]

OK, y'all I have an update on this and I think good information.

The technical info on the website is EXTREMELY out of date.

If you still need to file an FBAR for 2012, you still have a little time!

It is due June 30.

Yes you could mail it but it needs to be at their office by that date; the mailing date does not count.

Starting July 1, mailing FBARs is over! Totally over. Adapt to their online thing or be in violation. You've been warned.

Calling the help people I was told:

Use IE browser ONLY!

No other browser.

This year do not use the LATEST IE browser. Maybe by next year OK, but I wouldn't bet on it.

In other words, they suggest IE 8 or 9 is OK, but NOT IE 10.

Windows 7 supported. Was told Windows 8 was not!

Completely in contradiction to the bizarre info on their website, the suggested Reader version this year is 11.2.

I had a technical problem with an add on security program in my browser search, which basically made filing impossible, so I had to uninstall that.

If you are using the suggest IE and Reader and when you click on View Messages and you get a blank page, you might have the same problem.

A direction on the website is incorrect about getting initial PIN. It suggests there will already be a message waiting in your inbox (on the left side).

That is totally wrong.

Instead you have to click the Manage Pin thing to generate one.

While I was filing AFTER I saved the form my net connection went out and the form wasn't sent.

I was able to relog in and file the saved (on my system) form.

As stated the acceptance process is two pronged.

First an email that they got something.

Then after some days, an email that the form is acknowledged.

Your tax dollars at work.

This system is clunky but now we are really stuck with it!

Edited June 17, 2013 by Jingthing

[taxout]

If you're having problems using IE, add FINCEN to your Trusted Sites list in IE, then check "Display PDF in Browser" in Adobe Reader Preferences.

Don't bother to rollback to one of the earlier Adobe Reader versions mentioned on the FINCEN website; you can in fact file with the latest version available at Adobe.

[Jingthing]

Agreed taxout.

What's scary to me is that I'm relatively computer literate and I had trouble filing FBAR online.

Imagine those who are clueless technically.

It was definitely harder to do than a commercial tax online product.

Edited June 17, 2013 by Jingthing

[55Jay]

OK, y'all I have an update on this and I think good information.

The technical info on the website is EXTREMELY out of date.

If you still need to file an FBAR for 2012, you still have a little time!

It is due June 30.

Yes you could mail it but it needs to be at their office by that date; the mailing date does not count.

Starting July 1, mailing FBARs is over! Totally over. Adapt to their online thing or be in violation. You've been warned.

Calling the help people I was told:

Use IE browser ONLY!

No other browser.

This year do not use the LATEST IE browser. Maybe by next year OK, but I wouldn't bet on it.

In other words, they suggest IE 8 or 9 is OK, but NOT IE 10.

Windows 7 supported. Was told Windows 8 was not!

Completely in contradiction to the bizarre info on their website, the suggested Reader version this year is 11.2.

I had a technical problem with an add on security program in my browser search, which basically made filing impossible, so I had to uninstall that.

If you are using the suggest IE and Reader and when you click on View Messages and you get a blank page, you might have the same problem.

A direction on the website is incorrect about getting initial PIN. It suggests there will already be a message waiting in your inbox (on the left side).

That is totally wrong.

Instead you have to click the Manage Pin thing to generate one.

While I was filing AFTER I saved the form my net connection went out and the form wasn't sent.

I was able to relog in and file the saved (on my system) form.

As stated the acceptance process is two pronged.

First an email that they got something.

Then after some days, an email that the form is acknowledged.

Your tax dollars at work.

This system is clunky but now we are really stuck with it!

+1 on PIN. There was no message in my inbox after registering either but found it in my settings or profile area, may of been Manage PIN, then used the # to e-sign the form.

[JimGant]

Calling the help people I was told:

Use IE browser ONLY!

No other browser.

Bad advice, as Firefox works ok. However, as with a lot of other guidance, the FinCen guidance is off target with some aspects of Firefox. One I found is in regards to this observation:

The IT dept. basically said I needed the correct version of reader and that if I had Acrobat installed it must be removed as their system has issues with Acrobat. I wrote back there is no way I would un-install Acrobat to file one form. I suggested they get an IT professional in to fix this issue and all the other issues with this online filing. No response since

I too have Acrobat Professional installed -- and also had problems when I followed FinCen's guidance for tweeking Firefox by checking the "Use Acrobat in Firefox" box under the tools, options, applications dropdown for PDF files. If you do this, the FBAR program sees Acrobat Professionall, and you get the subsequent "tilt." Instead, check the box next to "Use Acrobat Reader" -- it it should work (it did with me, Firefox 21, Windows XP 3).

I suspect by filing time next year, most of the bugs will be worked out. But, if not -- and you have problems -- FinCen is hashing this over as to recourse. A newletter I got today from the IRS (it's for CPAs) had this:

If you are experiencing difficulty in submitting a timely electronic FBAR, please see FinCEN guidance http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G002.html. If there is reasonable cause for the failure, and the balance in the account is properly reported, no penalty will be imposed.

This linked guidance is dated June 24, 2013, and seems a little restrictive on their examples of why you can't file (e.g., "no internet access"). However, they're just trying to not be accomodating to folks who find paper filing just easier. Nevertheless, I would feel completely comfortable sending in the paper form, with a cover letter stating the problems and time involved with trying to accomodate efiling ("the dog ate my mouse" might be a stretch -- or not?). Anyway, as said, it probably won't come to this next year, and the fixes will be in (and, hopefully, I can file just one FBAR for a joint account situation -- currently, because of signature retrictions, I can't).

(There's a companion thread to this subject floating around, but I'll just stick to this one.)

[MrRealDeal]

Or yea, and ain't it great how the IRS with its Form 8938 and the Treasury Dept with its Form TD F 90-22.1 (both U.S. Govt agencies) have widely varying trigger amounts for the reporting of foreign financial assets. And I'm sure representatives from both agencies could make our eyes roll back in our heads in trying to explain & justify why the amounts differ so much between the two agencies.

8938 is to report interest profit the other is to report account value , the forms are for 2 different things not different amounts for the same thing.

[Pib]

Or yea, and ain't it great how the IRS with its Form 8938 and the Treasury Dept with its Form TD F 90-22.1 (both U.S. Govt agencies) have widely varying trigger amounts for the reporting of foreign financial assets. And I'm sure representatives from both agencies could make our eyes roll back in our heads in trying to explain & justify why the amounts differ so much between the two agencies.

8938 is to report interest profit the other is to report account value , the forms are for 2 different things not different amounts for the same thing.

On the Form 8938, Sections 5 & 6, you report account value also along with account number, bank, etc...etc..etc. But whether you have to file or not depends on if you meet the required trigger amount which is a different trigger amount from the TD F 90-22.1

[MrRealDeal]

No ...... The amounts being reported is a secondairy concern you only need the 8938 IF you have enough INTEREST the account value while on the form, has nothing to do with the reason the form would be needed.

They are for 2 entirely different reasons .... The "trigger amount on one is the account value

The trigger amount on the other how much interest ..... the two are unrelated and entirely different "triggers"

The 8938 is NOT triggered by the size of the account but only the amount of interest.

The FBAR is not triggered by the amount of interest but the size of the account.

[Pib]

No ...... The amounts being reported is a secondairy concern you only need the 8938 IF you have enough INTEREST the account value while on the form, has nothing to do with the reason the form would be needed.

They are for 2 entirely different reasons .... The "trigger amount on one is the account value

The trigger amount on the other how much interest ..... the two are unrelated and entirely different "triggers"

The 8938 is NOT triggered by the size of the account but only the amount of interest.

The FBAR is not triggered by the amount of interest but the size of the account.

Here is a IRS chart comparison between the two forms. Be sure to take a look at the "Who Must File" and "Reporting Threshold" (a.k.a. trigger values). Please note the trigger value is based on assets; not interest earned. Sure the IRS wants to tax any interest earned as that's their job, but the trigger amount is based on the asset value.

Comparison of Form 8038 and FBAR: Link

[Jingthing]

Filing FBAR's for the the 2012 tax year are now overdue.

Just saying ...

[Thaiaddict01]

question anyone know which bank that you can close the account by mail, fax, or phone? in case I don't go back to Thailand and I can just close it overseas. For Kasikorn they don't let you do it, you have to do it in person. So when I want to close an account obviously I need to open one without too much hassle for us foreigners, so does anyone know a TH bank account that you can open without too much difficulty and close the account by mail, fax, phone etc? thanks

Can you open up an account for baht and another for USD account? So when you transfer USD over it will be in the USD account, so you won't lose money to fee or shitty exchange rate when bank automatically convert USD to THB.