US citizens......do you FBAR?

[maxman71]

Just to note in response to some of the above posts that the US debt is around $US 17 trillion while the US has proven domestic and offshore fossil reserves in the $US 150 trillion range.

Good point JL; I was not aware the enormity of the US' oil and nat gas reserves. But the $150 trillion question is, will our elected leaders wisely apply these resources in getting our country's financial house in order or will they lavish it upon themselves and their chosen constituents to ensure their continued re-election???

[JLCrab]

One word answer: Collateral

(BTW those are government owned reserves on federal properties -- not total US reserves)

[jaideeguy]

Assuming that I have been filing my US taxes religiously and legally for the 2+ decades I've lived in Asia, using well qualified US tax preparers [2 with doctorates in accounting] and they did not inform me of this FBAR at any consultations or interviews. It was just recently brought to my attention.

From [my failing] memory, I have only had an amount over the $10k for the last 3 years for immigration purposes and that money was gifted to me here in Thailand directly from another Thai account................not directly from the US.

Do I have to report?? and if I do report, what would the fines and/or penalties be??

Also, years ago, I may have exceeded the $10k for very brief periods while in the process of purchasing land/vehicles and building houses from funds sent from my accounts in the US.

Does that make me in violation of FBAR??

There are no fees or penalties if you file. If one bas been filing US federal taxes each year and has not been cheating, there would be no downside to filing the FBAR.

So, If this '[hypothetical] violator of the FBAR were to confess his/her sins/ignorance to them, how best would he/she go about it?? Phone, email or thru his/her accountant ??

[thailiketoo]

Assuming that I have been filing my US taxes religiously and legally for the 2+ decades I've lived in Asia, using well qualified US tax preparers [2 with doctorates in accounting] and they did not inform me of this FBAR at any consultations or interviews. It was just recently brought to my attention.

From [my failing] memory, I have only had an amount over the $10k for the last 3 years for immigration purposes and that money was gifted to me here in Thailand directly from another Thai account................not directly from the US.

Do I have to report?? and if I do report, what would the fines and/or penalties be??

Also, years ago, I may have exceeded the $10k for very brief periods while in the process of purchasing land/vehicles and building houses from funds sent from my accounts in the US.

Does that make me in violation of FBAR??

There are no fees or penalties if you file. If one bas been filing US federal taxes each year and has not been cheating, there would be no downside to filing the FBAR.

So, If this '[hypothetical] violator of the FBAR were to confess his/her sins/ignorance to them, how best would he/she go about it?? Phone, email or thru his/her accountant ??

Failing to file an FBAR can carry a civil penalty of $10,000 for each non-willful violation. But if your violation is found to be willful, the penalty is the greater of $100,000 or 50 percent of the amount in the account for each violation—and each year you didn’t file is a separate violation. Criminal penalties for FBAR violations are even more frightening, including a fine of $250,000 and 5 years of imprisonment. I

http://www.forbes.com/sites/robertwood/2012/06/04/fbar-penalties-when-will-irs-let-you-off-with-a-warning/

[Jingthing]

This is the thing that really angers me about FBAR. Those penalties are basically criminal level penalties. For failing to file a form. Nothing else. That's beyond harsh. I do fear my own government and I don't like it.

[JimGant]

If the wife is not a US citizen what she has will never be allowed on the US radar.

It will if she and her US person husband opt to have her obtain an Individual Tax ID Number (ITIN) in order for them to file a joint tax return (which allows significant tax savings, particularly if the wife has little or no reportable income). This option is open to non resident aliens, who are not eligible to obtain a Social Security number. (And probably several folks reading this, with Thai wives who have never been to the States, are unaware of this tax saving option.)

Having an ITIN does, however, now make one subject to FBAR and FATCA reporting (which, for most, should be no big deal).

[taxout]

Just to correct a couple of the misleading bits in this thread:

1. FBAR filing requirements apply to those who have either "signature authority" or a "financial interest" in a foreign account. These terms are carefully defined in the regulations. I won't lecture on them here, but anyone who thinks they can play games with the Feds by keeping accounts in someone else's name should study the regulations -- and the penalties -- very carefully.

2. You compute the $10,000 minimum test by adding together the maximum value of each foreign account during the year. So if you moved, say, $6,000 from one Thai account to another during the year, that alone would create the $10,000 minimum.

Two more points.

First, there is a question about foreign bank accounts and FBAR on Form 1040, at the bottom of Schedule B.

Second, if you've got more substantial funds and assets overseas, you may also have to file Form 8938. It's broader than FBAR, for the most part, covering more than just foreign accounts.

[JimGant]

This is the thing that really angers me about FBAR. Those penalties are basically criminal level penalties. For failing to file a form. Nothing else. That's beyond harsh. I do fear my own government and I don't like it.

I wonder how many "little guys" have actually been fined, particularly if they filed a Schedule B indicating foreign source income......? I suspect very few (but I can't find any data to support). After all, the law is just a "hook" to hang tax cheats on once found out (since the fine for underpaying taxes is considerably less). Using such a huge hammer against folks who just didn't file a FBAR (but otherwise paid all their taxes) seems ludicrous (which, sadly, means it's probably happened).

Anyway, since 2011, Schedule B has asked "Are you required to file a FBAR," so answering 'yes' or 'no' indicates you know what's what about FBAR filing requirements (and well before 2011 you were required to file a Schedule B for just having a foreign financial account). So, going forward, it's probably best to report your Thai earnings on your Schedule B -- and file the FBAR if you meet the criteria.

For those who, um, missed the boat in prior years, Google has plenty of suggestions. What I haven't seen (but I bet it's out there) are the probabilities of getting caught if you don't remedy prior years' non filings, or income reporting..... Certainly, there's no available record, at least on a less than a full court press investigation, on what your piddly interest earnings were on your piddly savings account, that, yeah, did jump to a balance of $20k for a brief moment, on the way to building your house. However, in the latter situation, there may be a SWIFT data trail that shows an EFT of greater than $10k -- which, of course, means you were then subject to FBAR (even if the money was in the account for just one day). Are the Feds grand collectors of SWIFT data? Yeah, but probably only on "persons of interest," like folks who speak Persian.

And, for those who have been filing FBARs for several years -- but don't have any line items for Thai income on their Schedule B's -- the Feds might be curious as to just how many houses you can build -- or is some of that money actually staying in place long enough to earn interest...

Anyway, as said, going forward, I'd be Kosher about reporting, particularly now that the data vacuum cleaners are kicking in. For negligent past reporting -- maybe just get drunk and say "phuck it."

(As a retired CPA, whose license has now lapsed, I take no fiduciary responsibility for the last sentence.)

[JimGant]

2. You compute the $10,000 minimum test by adding together the maximum value of each foreign account during the year. So if you moved, say, $6,000 from one Thai account to another during the year, that alone would create the $10,000 minimum.

That's not correct. To meet the FBAR filing requirement, it's $10k in aggregate of all accounts -- at a single moment of time during the year. So, if you closed a Bangkok Bank account with $6k, moved it to a new account at Kasikorn, this still counts as only $6k -- and thus under the reporting required threshold.

However, if required to file a FBAR, then max amounts during the year for each and every account (including accounts closed during the year) have to be reported. This could certainly give an impression of lots of money, if a wad moved from one account to another during the year. But FBAR comes under the Bank Security Act (not the IRS code), so it is more interested (at least in original inception) in money movement than in tax implications (although the IRS has taken a keener interest in FBAR reporting in the last few years, or so).

[Jingthing]

Mr. Gant is correct.

[MyFriend You]

I pay Federal and State taxes from my pesion checks enough to cover my SS and pension income. I transfer my money from my account in the USA to my Thailand bank account every month as a source of my income. If my Thai acount accumulates 300,000 ($10,000) do I then need to declare this as new income even though it's been taxed in the USA?

Yes - The FBAR is not a tax, just a reporting mechanism........I know several business people that have upwards to $100K in their accounts, they report it, pay taxes on the interest and be done with it.

[MyFriend You]

This is the thing that really angers me about FBAR. Those penalties are basically criminal level penalties. For failing to file a form. Nothing else. That's beyond harsh. I do fear my own government and I don't like it.

I wonder how many "little guys" have actually been fined, particularly if they filed a Schedule B indicating foreign source income......? I suspect very few (but I can't find any data to support). After all, the law is just a "hook" to hang tax cheats on once found out (since the fine for underpaying taxes is considerably less). Using such a huge hammer against folks who just didn't file a FBAR (but otherwise paid all their taxes) seems ludicrous (which, sadly, means it's probably happened).

Anyway, since 2011, Schedule B has asked "Are you required to file a FBAR," so answering 'yes' or 'no' indicates you know what's what about FBAR filing requirements (and well before 2011 you were required to file a Schedule B for just having a foreign financial account). So, going forward, it's probably best to report your Thai earnings on your Schedule B -- and file the FBAR if you meet the criteria.

For those who, um, missed the boat in prior years, Google has plenty of suggestions. What I haven't seen (but I bet it's out there) are the probabilities of getting caught if you don't remedy prior years' non filings, or income reporting..... Certainly, there's no available record, at least on a less than a full court press investigation, on what your piddly interest earnings were on your piddly savings account, that, yeah, did jump to a balance of $20k for a brief moment, on the way to building your house. However, in the latter situation, there may be a SWIFT data trail that shows an EFT of greater than $10k -- which, of course, means you were then subject to FBAR (even if the money was in the account for just one day). Are the Feds grand collectors of SWIFT data? Yeah, but probably only on "persons of interest," like folks who speak Persian.

And, for those who have been filing FBARs for several years -- but don't have any line items for Thai income on their Schedule B's -- the Feds might be curious as to just how many houses you can build -- or is some of that money actually staying in place long enough to earn interest...

Anyway, as said, going forward, I'd be Kosher about reporting, particularly now that the data vacuum cleaners are kicking in. For negligent past reporting -- maybe just get drunk and say "phuck it."

(As a retired CPA, whose license has now lapsed, I take no fiduciary responsibility for the last sentence.)

I personally witnessed an American acquaintance pulled out of a Bar on Soi 26 by a US Embassy rep and three Thai cops...............he had a construction company that did jobs all over SE Asia - and didn't file the correct forms with the IRS - Foreign Income, even though it was exclusively from US Companies...........he returned a year later over $200K less in his bank account..........heavily fined, and eventually lost his company............he's still around and buys drinks from time to time. If the IRS or Dept of Justice wants you, they have long arms.

[jaideeguy]

This thread is getting scarier and scarier by each post and has convinced 'my friend' to come clean ASAP and no one has suggested the best way to do it............by phone, email, via my accountant, or hire a lawyer.

[lovetotravel]

This is the thing that really angers me about FBAR. Those penalties are basically criminal level penalties. For failing to file a form. Nothing else. That's beyond harsh. I do fear my own government and I don't like it.

I wonder how many "little guys" have actually been fined, particularly if they filed a Schedule B indicating foreign source income......? I suspect very few (but I can't find any data to support). After all, the law is just a "hook" to hang tax cheats on once found out (since the fine for underpaying taxes is considerably less). Using such a huge hammer against folks who just didn't file a FBAR (but otherwise paid all their taxes) seems ludicrous (which, sadly, means it's probably happened).

Anyway, since 2011, Schedule B has asked "Are you required to file a FBAR," so answering 'yes' or 'no' indicates you know what's what about FBAR filing requirements (and well before 2011 you were required to file a Schedule B for just having a foreign financial account). So, going forward, it's probably best to report your Thai earnings on your Schedule B -- and file the FBAR if you meet the criteria.

For those who, um, missed the boat in prior years, Google has plenty of suggestions. What I haven't seen (but I bet it's out there) are the probabilities of getting caught if you don't remedy prior years' non filings, or income reporting..... Certainly, there's no available record, at least on a less than a full court press investigation, on what your piddly interest earnings were on your piddly savings account, that, yeah, did jump to a balance of $20k for a brief moment, on the way to building your house. However, in the latter situation, there may be a SWIFT data trail that shows an EFT of greater than $10k -- which, of course, means you were then subject to FBAR (even if the money was in the account for just one day). Are the Feds grand collectors of SWIFT data? Yeah, but probably only on "persons of interest," like folks who speak Persian.

And, for those who have been filing FBARs for several years -- but don't have any line items for Thai income on their Schedule B's -- the Feds might be curious as to just how many houses you can build -- or is some of that money actually staying in place long enough to earn interest...

Anyway, as said, going forward, I'd be Kosher about reporting, particularly now that the data vacuum cleaners are kicking in. For negligent past reporting -- maybe just get drunk and say "phuck it."

(As a retired CPA, whose license has now lapsed, I take no fiduciary responsibility for the last sentence.)

I personally witnessed an American acquaintance pulled out of a Bar on Soi 26 by a US Embassy rep and three Thai cops...............he had a construction company that did jobs all over SE Asia - and didn't file the correct forms with the IRS - Foreign Income, even though it was exclusively from US Companies...........he returned a year later over $200K less in his bank account..........heavily fined, and eventually lost his company............he's still around and buys drinks from time to time. If the IRS or Dept of Justice wants you, they have long arms.

It's highly doubtful this was just for taxes. Especially for only 200k. The massive amount of paperwork would prohibit this. Extradition is a big deal and requires agreement between very high levels within each government. If the amount was 20MM, then it'd make sense. 200k? No way. Something else was going on.

[VegasVic]

I'm not a sheeple, Buddha willing and the waters don't rise I will never ever step foot in the Corporate Police State of Amerika again. "The purpose of the law is really to catch drug kingpins and rich people who are hiding tons of money outside the US; unfortunately, the law applies to everybody and they set the threshold rather low (my opinion anyway)". True, unfortunately they only go after the little fish. I don't and won't have over the 10,000 usd in a bank over here. I will bitch because it isn't right, people need to bitch when their government is wrong and sheeple need to find their hind feet.

We have 3 more years of the Obama facist state, hopefully the U.S. can recover from the damage done and the new administration can rollback this and many other types bureaucratic nonsense that has been initiated. The $50K limit might be understandable, but this $10K nonsense is not going to catch any bigtime gangsters (underworld or corporate) it is merely there to harass expatriates

[Langsuan Man]

This thread is getting scarier and scarier by each post and has convinced 'my friend' to come clean ASAP and no one has suggested the best way to do it............by phone, email, via my accountant, or hire a lawyer.

At this point there is only one way to deal with it. Via the web site reporting mechanism, see:

http://bsaefiling.fincen.treas.gov/Enroll_Individual.html

I seriously doubt if they will go through the past "paper form" submissions and match them with the "new" electronic filing system

[Langsuan Man]

I'm not a sheeple, Buddha willing and the waters don't rise I will never ever step foot in the Corporate Police State of Amerika again. "The purpose of the law is really to catch drug kingpins and rich people who are hiding tons of money outside the US; unfortunately, the law applies to everybody and they set the threshold rather low (my opinion anyway)". True, unfortunately they only go after the little fish. I don't and won't have over the 10,000 usd in a bank over here. I will bitch because it isn't right, people need to bitch when their government is wrong and sheeple need to find their hind feet.

We have 3 more years of the Obama facist state, hopefully the U.S. can recover from the damage done and the new administration can rollback this and many other types bureaucratic nonsense that has been initiated. The $50K limit might be understandable, but this $10K nonsense is not going to catch any bigtime gangsters (underworld or corporate) it is merely there to harass expatriates

I will be so glad when 2016 comes around so every ill in America will no longer be because of the Obama facist state. These rules have been in force long before Obama was elected but if it makes you feel better to blame him, enjoy it while you still can, since your elected representatives had nothing to do with these laws, it was all done by imperial edict

[lomatopo]

I think some here experienced issues using the web-site last year, based on my vague recollection of the various threads and posts.

And that it is too early to report for CY2013 (between 1/1/14 and 6/30/14).

But does anyone have a feel if the web-site might be functioning better?

https://bsaefiling1.fincen.treas.gov/PublicAccess

[meechai]

I think some here experienced issues using the web-site last year, based on my vague recollection of the various threads and posts.

And that it is too early to report for CY2013 (between 1/1/14 and 6/30/14).

But does anyone have a feel if the web-site might be functioning better?

https://bsaefiling1.fincen.treas.gov/PublicAccess

I used the web interface this past year to file.

It was not a problem if you were up to date on your browser

& I think it was adobe pdf reader? But I did not have a problem.

[JimGant]

But does anyone have a feel if the web-site might be functioning better?

Took a test drive in October with Firefox, and it went completely smooth (although I didn't push the "send" button, so can't speak for the tail end of the process). The issues with using Adobe Reader, Adobe Acrobat in Firefox, or conflicts with an installed Adobe Acrobat Professional, have been worked out (at least using Windows 8, but probably for all). Also, the ability to file one FBAR for joint accounts is now possible. See post 91 in this thread: http://www.thaivisa.com/forum/topic/647338-fbar-foreign-bank-account-report/page-4?hl=%2Bfbar#entry6972857

Edited December 8, 2013 by JimGant

[JimGant]

This thread is getting scarier and scarier by each post and has convinced 'my friend' to come clean ASAP and no one has suggested the best way to do it............by phone, email, via my accountant, or hire a lawyer.

Jaideeguy, as mogandave said earlier, since you reported your prior year Thai income on your 1040 filings, you're NOT subject to any penalties, including penalties for being ignorant of the FBAR requirement. See FAQ 17, here: http://www.irs.gov/Individuals/International-Taxpayers/Offshore-Voluntary-Disclosure-Program-Frequently-Asked-Questions-and-Answers

The IRS will not impose a penalty for the failure to file the delinquent FBARs if there are no underreported tax liabilities and you have not previously been contacted regarding an income tax examination or a request for delinquent returns.

NOTE: Taxpayers filing FBARs electronically do not currently have the technological ability to include a statement explaining why the FBARs are filed late. Until such time that they have the ability, it is sufficient to file the FBARs electronically, retain the statement, and submit the statement to the Service upon request.

The above "NOTE" is outdated, since electronic FBAR filing now allows room to provide info on why the FBAR is being filed late. So, file your late FBARs electronically, with a statement that all income was declared for the applicable years, but that you were ignorant of the FBAR filing requirement.

Here are a couple of Forbes links with some good info, plus additional references:

http://www.forbes.com/sites/robertwood/2013/05/12/irs-gives-big-break-to-some-offshore-account-holders/

http://www.forbes.com/sites/robertwood/2013/08/20/foreign-bank-accounts-irs-fincen-catch-22/

You're actually sitting pretty, compared to late FBAR filers without Schedule B line items for Thai income (although, even, here, one might say he thought his income, being below $10, was not reportable [$10 is the 1099 issuance threshold, but is not the same as less than $10 being exempt from reporting on one's tax filing -- but possibly worth a tap dance vis-a-vis the IRS]).

[taxout]

Sorry about the confusion caused by my earlier post.

To explain, the FBAR instructions state:

"Step 1. Determine the maximum value of each account (in the currency of that account) during the calendar year being reported. . .

"Step 2. In the case of non-United States currency, convert the maximum account value for each account into United States dollars .

"If the aggregate of the maximum account values exceeds $10,000, an FBAR must be filed."

Stopping there, it seems that moving $6,000 from one Thai account to another would alone trigger a filing requirement.

However, the instructions then go on to apparently contradict the flat statement that "an FBAR must be filed" if the aggregate maximum values exceed $10,000, and state that,

"An FBAR is not required to be filed if the person did not have $10,000 of aggregate value in foreign financial accounts at any time during the calendar year."

I admit my mind goes back and forth with the double negatives in that sentence, wondering whether there's more than one possible way to read it.

Edited December 8, 2013 by taxout

[JimGant]

taxout, as you've discovered, great minds were not involved in writing FBAR instructions. Plus, it gets harder to write comprehensive instructions - when one is not exactly sure what it is you're trying to divulge....

Wouldn't reality suggest the FBAR threshold rises to match the $50k FATCA threshold? Yeah, so don't bank on it. Sigh.

[taxout]

I think it's intended to mirror the $10,000 cash reporting requirement under the BSA, and I can't see that increasing to $50,000.

Those seriously concerned about what happens if they don't file FBARs or file them late can -- before they consult a professional -- look at the provisions of the IRS Manual telling examiners how to handle an FBAR audit. These may not necessarily represent current practice, which can diverge from the manual, but they will give you a good idea how the IRS approaches potential FBAR miscreants, and what they do to them. (Be warned they are very detailed.)

http://www.irs.gov/irm/part4/irm_04-026-016.html

[meechai]

A lot of folks seem to think they need to file FACTA if they reach 50k USD

in Foreign accounts.

But actually that was for folks residing in the USA & is 100k

If you live as most of us do full time in Thailand the

Threshold is $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

http://www.irs.gov/uac/IRS-Releases-Guidance-on-Foreign-Financial-Asset-Reporting

Form 8938 is required when the total value of specified foreign assets exceeds certain thresholds.

For example, a married couple living in the U.S. and filing a joint tax return would not file Form 8938

unless their total specified foreign assets exceed $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.

The thresholds for taxpayers who reside abroad are higher.

For example in this case, a married couple residing abroad and filing a joint return would not file

Form 8938 unless the value of specified foreign assets exceeds $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

[taxout]

The $400,000/$600,000 thresholds apply only if you a) qualify as a foreign resident and b ) file a joint return with your spouse. Otherwise, lower thresholds apply.

Further, note that Form 8938 picks up more than FBAR, such as foreign stocks and loans to foreign persons, though it also excludes some things included in FBAR, like deposits with Citibank Thailand and other foreign operations of US banks.

Again, these rules are complicated and the penalties for being wrong are severe. If there's any doubt, say, whether you qualify as a foreign resident, then file Form 8938 no matter what. There's no penalty for filing when you're not actually required to.

http://www.irs.gov/Businesses/Corporations/Do-I-need-to-file-Form-8938,-%E2%80%9CStatement-of-Specified-Foreign-Financial-Assets%E2%80%9D%3F

(And note that the thresholds for single individuals and married individuals not filing jointly are $50,000/$75,000 if they're not resident overseas.)

Edited December 9, 2013 by taxout

[DeanWeen]

If Thailand doesn't cooperate it will force some Americans out of here. So hope they cooperate. The U.S. government won't quit this. That's crazy talk.

The other "option" is to give up American citizenship. More and more Americans are doing it. Of course, you need another passport.

The US has been taxing its expats for decades. It will never stop, and the government will only keep looking for more ways to intrude on our finances.

Not practical for most of us. Obtaining Thai citizenship is very difficult and most Americans wouldn't want it anyway. We aren't talking about taxing here though. We're talking about the U.S. forcing global financial institutions to report on Americans, and treasury filing requirements, etc.

Just pointing out a little trend is all. And whether it's paying taxes or disclosing assets, everything's related. The IRS is coming hard after US expats, it's often unfair, and a lot of people are sick of it.

I worked for foreign companies for nearly 15 years, and therefore I had no payments going into SS. I had to file taxes to the US anyway, for benefits I'll never receive.

And citizenship doesn't have to be Thai. For the low, low price of US$100,000, you can buy your way into the Commonwealth of Domenica!

[DeanWeen]

Just to correct a couple of the misleading bits in this thread:

1. FBAR filing requirements apply to those who have either "signature authority" or a "financial interest" in a foreign account. These terms are carefully defined in the regulations. I won't lecture on them here, but anyone who thinks they can play games with the Feds by keeping accounts in someone else's name should study the regulations -- and the penalties -- very carefully.

2. You compute the $10,000 minimum test by adding together the maximum value of each foreign account during the year. So if you moved, say, $6,000 from one Thai account to another during the year, that alone would create the $10,000 minimum.

Two more points.

First, there is a question about foreign bank accounts and FBAR on Form 1040, at the bottom of Schedule B.

Second, if you've got more substantial funds and assets overseas, you may also have to file Form 8938. It's broader than FBAR, for the most part, covering more than just foreign accounts.

A couple of pages ago, I should have specified that I meant foreign spouse -- as many on this board probably have -- and that spouse having total ownership/ control of the asset in question. (Not sure if your comment was directed at mine or one of the many that followed.)

Re: your point in #1, "financial interest", I don't see how this applies to an American whose foreign spouse is the only one named/ with signatory power on an account or asset. For example, say someone's spouse owns an offshore account, or a property. If he or she owns 100% of the asset or shares, and is the only one who can legally sign to move funds and assets, and is, for all official purposes, the only one who benefits (or loses) from it, then nobody else -- including their American spouse -- has any demonstrable financial interest. This is the way my advisor sees it too.

Link to the final rule: http://www.gpo.gov/fdsys/pkg/FR-2011-02-24/pdf/2011-4048.pdf

The section defining "financial interest" can be found on p. 7, "I. Section 103.24(e)—Financial Interest".

Now, whether someone wants their spouse in absolute control of all their overseas assets is another question entirely. It's certainly not for everyone.

[donniereadit]

I personally witnessed an American acquaintance pulled out of a Bar on Soi 26 by a US Embassy rep and three Thai cops...............he had a construction company that did jobs all over SE Asia - and didn't file the correct forms with the IRS - Foreign Income, even though it was exclusively from US Companies...........he returned a year later over $200K less in his bank account..........heavily fined, and eventually lost his company............he's still around and buys drinks from time to time. If the IRS or Dept of Justice wants you, they have long arms.

It's highly doubtful this was just for taxes. Especially for only 200k. The massive amount of paperwork would prohibit this. Extradition is a big deal and requires agreement between very high levels within each government. If the amount was 20MM, then it'd make sense. 200k? No way. Something else was going on.

I'll call Troll on this as well, but theoretically it's possible you could be apprehended in the US after a long drawn out process after not complying with an audit. Interesting why the poster would know this amount of detail on someone else.

Not much reason to keep any money in a foreign account for the average Joe, unless for retirement requirement. Just draw for free on a US Bank via ATM. Much safer also.

[maxman71]

I'm not a sheeple, Buddha willing and the waters don't rise I will never ever step foot in the Corporate Police State of Amerika again. "The purpose of the law is really to catch drug kingpins and rich people who are hiding tons of money outside the US; unfortunately, the law applies to everybody and they set the threshold rather low (my opinion anyway)". True, unfortunately they only go after the little fish. I don't and won't have over the 10,000 usd in a bank over here. I will bitch because it isn't right, people need to bitch when their government is wrong and sheeple need to find their hind feet.

We have 3 more years of the Obama facist state, hopefully the U.S. can recover from the damage done and the new administration can rollback this and many other types bureaucratic nonsense that has been initiated. The $50K limit might be understandable, but this $10K nonsense is not going to catch any bigtime gangsters (underworld or corporate) it is merely there to harass expatriates

Funny, back when Obama was first elected in 2008, most expats were thrilled; they threw "election parties" and all sorts of euphoria was declared....then there were people like me who did their objective homework on Obama (we didn't buy into all the media propaganda) and determined he was a lying, socialist/communist totalitarian fraud, and we were summarily labeled as racists, right-wing conspiracy nuts, ignorant, etc...I hate to say "we told you so"...but ummm, errr, well, we did...