Now in CM, but must file USA FBAR. Need serious help.

[jjczap]

Most of us have nothing to report for FACTA even if we do have the simple 10k account reporting requirement - so we do not make it a chicken little subject.

again more proof -- reread the post - 1040, fbar , banking requirements - good luck on your journey - like I said typical head in the sand - again good luck

I am happy for you that you are the EXPERT on everything - my intention was to make aware to our US expats the net they are weaving - and to be aware and to shed some knowledge as to what the are going after - I know many expats that don't file 1040 , don't file fbar and now they are discovering they cannot renew their retirement fixed deposit accts without giving their SS# so they are putting it in their old savings acct with no interest - but phase 2 will get them - man like I said head in the sand , been here to long , not interested in sharing current proper info to help out expat brothers again good luck on your journey

[PattayaClub]

Guess you did not answer fast enough - perhaps he will return later.

Yes, I only have myself to blame, of course.

Replying in 3 MINUTES, that's just unacceptable!

If no reply in under 1 MINUTE, then any advice is free.

JingThing, don't blame yourself. A guy like you with a prodigious 60,311 posts and who stays online 24/7 might expect instant responses, such as those you so generously dole out. But some of us actually have lives in the real world, the non-cyber world. We check the computer once a day or so for email or whatever and the effort takes about ten minutes. We have other real life priorities and absolutely cannot fathom never going offline. So relax. Give the guy 24 hours or so. He'll be back.

[johnh869]

This is the one I use all the time...http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html Good luck!

[arunsakda]

I did the PDF on a MAC. Could not get the signature to take with Safari. Changed to Firefox and had no problem.

[JimGant]

....do you have a foreign bank account " yes or no - regardless of the amount -- the next question is " were you required to submit the FBAR " ( over 10k any where in the world at any time during the year ) yes or no the answers under perjury and penalties of the law -- sooo how for those Americans that have 800k in the bank for retirement visa and are required to file a 1040 answer those questions

Yes and yes. What's the big deal? The wording on the Schedule B was changed a few years back to force 1040 filers to confront whether or not they had to file a FBAR. Treasury was getting tired of the "I didn't know" excuse. And most didn't know -- until the new wording on the Schedule B, which folks with foreign accounts are supposed to file, was supposed to build FBAR awareness. Nothing more, nothing less.

And, if you forget to file a FBAR -- or even a Schedule B, because before you expatriated you never had to (i.e, below the $1500 threshold) -- you're not subject to any penalties: AS LONG AS YOU HAVE PAID TAXES ON YOUR FOREIGN EARNINGS (or are below the threshold filing requirement). Which means, your foreign earnings are line items on your Schedule B -- or if you forget your Schedule B, such earnings are included on lines 7A and 8A of Form 1040.

From a Forbes report: http://www.forbes.com/sites/stephendunn/2014/07/20/all-you-need-to-do-is-file-your-delinquent-fbars/

“The IRS will NOT impose a penalty for the failure to file the delinquent FBARs if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign accounts reported on the delinquent FBARs..."

I know many expats that don't file 1040 , don't file fbar and now they are discovering they cannot renew their retirement fixed deposit accts without giving their SS# so they are putting it in their old savings acct with no interest - but phase 2 will get them

What's the big deal with giving the bank your SS#? Yeah, now they can, per the FATCA agreement, provide your earnings to the IRS -- samo samo a 1099. But, they probably won't, unless your accounts exceed $50,000. But, even if they do, as long as your report this income, what's the big deal.......

.......Oh, you didn't report this income -- and now because of FATCA and your SS# on file -- you're going to be found out? And on top of this, you also didn't file a required FBAR? Well, you're going to fry. Good, putting the screws to all these tax evaders might just lower my taxes in the future.

(But If your friends didn't file a 1040 because their Taxable Income (to include foreign earnings) was below the filing threshold, no harm no foul: If no income taxes were due on foreign income, FBAR forgetfulness is forgiven (per the Forbes article above)).

Your paranoia is curious -- but if it means you'll now be declaring all your income, it's a good thing for the rest of us.

[JDGRUEN]

All this is a perfectly good reason to keep one's finances totally in the USA. I don't make any money in Thailand... I am here on an Extension of Stay and therefore not a Permanent Resident and certainly not a citizen of Thailand. Therefore, I am nothing more than a long stay visitor. I have a registered residence in America -- where my motor home is parked at a friends shop house. I see no reason to complicate matters unless and until I can become at least a Permanent Resident -- not likely to happen. My heart is in Thailand -- But I keep my finances in America and a foot on the ground there too... It works for me just fine. If i had actual high level and more complicated finances in Thailand - then I would do something different.

And as for those who choose differently -- more power to you -- as the old TV program said -- "Different Strokes for Different Folks...

Bottom line, I despise the federal government of America and want as little as possible to do with them. if I had to keep my money in a sock or a Thai gold chain to avoid ANY interaction with the America Government I would, but don't have to yet until I find that Rich Thai Lady ... fat chance.

[jjczap]

....do you have a foreign bank account " yes or no - regardless of the amount -- the next question is " were you required to submit the FBAR " ( over 10k any where in the world at any time during the year ) yes or no the answers under perjury and penalties of the law -- sooo how for those Americans that have 800k in the bank for retirement visa and are required to file a 1040 answer those questions

Yes and yes. What's the big deal? The wording on the Schedule B was changed a few years back to force 1040 filers to confront whether or not they had to file a FBAR. Treasury was getting tired of the "I didn't know" excuse. And most didn't know -- until the new wording on the Schedule B, which folks with foreign accounts are supposed to file, was supposed to build FBAR awareness. Nothing more, nothing less.

And, if you forget to file a FBAR -- or even a Schedule B, because before you expatriated you never had to (i.e, below the $1500 threshold) -- you're not subject to any penalties: AS LONG AS YOU HAVE PAID TAXES ON YOUR FOREIGN EARNINGS (or are below the threshold filing requirement). Which means, your foreign earnings are line items on your Schedule B -- or if you forget your Schedule B, such earnings are included on lines 7A and 8A of Form 1040.

From a Forbes report: http://www.forbes.com/sites/stephendunn/2014/07/20/all-you-need-to-do-is-file-your-delinquent-fbars/

“The IRS will NOT impose a penalty for the failure to file the delinquent FBARs if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign accounts reported on the delinquent FBARs..."

I know many expats that don't file 1040 , don't file fbar and now they are discovering they cannot renew their retirement fixed deposit accts without giving their SS# so they are putting it in their old savings acct with no interest - but phase 2 will get them

What's the big deal with giving the bank your SS#? Yeah, now they can, per the FATCA agreement, provide your earnings to the IRS -- samo samo a 1099. But, they probably won't, unless your accounts exceed $50,000. But, even if they do, as long as your report this income, what's the big deal.......

.......Oh, you didn't report this income -- and now because of FATCA and your SS# on file -- you're going to be found out? And on top of this, you also didn't file a required FBAR? Well, you're going to fry. Good, putting the screws to all these tax evaders might just lower my taxes in the future.

(But If your friends didn't file a 1040 because their Taxable Income (to include foreign earnings) was below the filing threshold, no harm no foul: If no income taxes were due on foreign income, FBAR forgetfulness is forgiven (per the Forbes article above)).

Your paranoia is curious -- but if it means you'll now be declaring all your income, it's a good thing for the rest of us.

Again missing the point -- there are two separate and distinct filling requirements each with there own set of rules , regulations and penalties. the 1040 is filed with the IRS and the FBAR with the Treasury Dept. So for whatever reason chose not to did not have to file a 1040 if you are using the 800k baht in the bank rule for extension you are required under US law to file an FBAR ( over 10k ) . So with the banks under FATCA required to acquire the SS# of US citizens you cannot open a new account in Thailand without filling out IRS form w-9. As I said phase 2 will require all existing accts to file form w-9 . Under FATCA the financial institution is required to submit to the US gov the total amount of the investment and any income earned.

[arunsakda]

This issue is of no concern to US persons who report their incomes as required by law. Working for a big company Pi Sam gets his cut up front and I have no choice but to apply for any refund due by April 15, oh well. Does he give me any interest for moneys held up to a year in advance? I am fairly impressed with those from various countries who are expatriate, run online business etc. and somehow manage to live "tax free", but I would not care to be one anyway. Seems somewhat parasitical to be resident in any place regularly using the benefits of infrastructure and all that without paying a fair share in. Justifying their value to society by the pittance spent at 7/11, cheap noodle stalls, and the occasional tin of imported biscuits from Rimping.

[connda]

Well, for all who like to procrastinate, ya'll have 3 more days. June 30, 2015 is the deadline. The online form sure beats that heck out of sending the forms via mail. I use to send mine via EMS mail in order to have a receipt showing that I had sent it. 800 baht or so every year. Yeah, I like the online option. Easy. Take last year's PDF, update it for this tax year, and upload it. If one browser doesn't work, try another. No problem.

[mesquite]

Well, for all who like to procrastinate, ya'll have 3 more days. June 30, 2015 is the deadline. The online form sure beats that heck out of sending the forms via mail. I use to send mine via EMS mail in order to have a receipt showing that I had sent it. 800 baht or so every year. Yeah, I like the online option. Easy. Take last year's PDF, update it for this tax year, and upload it. If one browser doesn't work, try another. No problem.

Is online filing of the FBAR an option? I thought it was mandatory

[connda]

Well, for all who like to procrastinate, ya'll have 3 more days. June 30, 2015 is the deadline. The online form sure beats that heck out of sending the forms via mail. I use to send mine via EMS mail in order to have a receipt showing that I had sent it. 800 baht or so every year. Yeah, I like the online option. Easy. Take last year's PDF, update it for this tax year, and upload it. If one browser doesn't work, try another. No problem.

Is online filing of the FBAR an option? I thought it was mandatory

It's now 'mandatory'.

[JimGant]

Again missing the point -- there are two separate and distinct filling requirements each with there own set of rules , regulations and penalties. the 1040 is filed with the IRS and the FBAR with the Treasury Dept. So for whatever reason chose not to did not have to file a 1040 if you are using the 800k baht in the bank rule for extension you are required under US law to file an FBAR ( over 10k ) . So with the banks under FATCA required to acquire the SS# of US citizens you cannot open a new account in Thailand without filling out IRS form w-9.

What IS your point? That your Thai bank will now be asking for your SS#, then associating it with your account? I recommend, then, that you now start reporting your Thai interest.

Not sure what a FBAR has to do with any of this. Nothing has changed in this arena, except the on-line filing.

[arunsakda]

What is wrong with reporting interest earned from foreign bank accounts, as required by law? If one has a couple million baht on account the amounts are not insignificant.