FBAR and US tax issues

[Travelighlty]

Has anyone done reporting of funds in Thailand who is from the US and dealt with FBAR Enrolled Agents? 

 

Edited March 27, 2017 by Travelighlty

[Langsuan Man]

10 hours ago, Travelighlty said:

FBAR Enrolled Agents

What or who is that ?

 

There is a web site that allows yout to file your FBAR, although these days most tax preparation software takes care of that chore

 

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

[sekmet]

Almost the same as FUBAR

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[Pib]

Being submitting an FBAR for years....easy....and even easier since you submit it online now ("must submit online, can't mail in anymore).  You can prepare the FBAR offline and then submit/upload it online.  Submit using the individual FBAR webpage.

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

 

But an attorney, CPA, enrolled agent who are registered on the FinCen system submits it online for a client....basically someone who charges you to help submit your FBAR.    

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

[poohy]

Definitely a case of FUBAR

[JimGant]

Quote

There is a web site that allows yout to file your FBAR, although these days most tax preparation software takes care of that chore

Actually, tax software can't file your FBAR for you, but all the reputable ones will identify your requirement to do such a filing -- and point you in the right direction for the FinCEN website.

[Pib]

Yeap, while tax software will prepare a FBAR form that mirrors the actual FBAR form you must submit online at the Treasury website, the tax software FBAR form is really only good for you to use to prepare the FBAR form you must submit online.   And just to stress when I say submit online I mean at the Treasury webite for FBAR submission; not the online websites to submit your tax return. Basically the FBAR form prepared by tax software is like a worksheet only now.  

 

But up to a couple of years ago when you could still "mail-in" your FBAR form (or submit online), the FBAR form prepared by your tax software could be used for mail-in as I did it one year.   The Treasury must have accepted it as they didn't reject it, write back.   Now you can only submit online...mail-in is no longer accepted.

 

Edit:  I use TaxAct software to file my federal tax return and it asks if I want to complete their FBAR form but they point out it can't be used for actual FBAR filing....I don't complete the FBAR form in TaxAct and instead just complete the actual FBAR PDF form from the FinCen website.  Also, below is what another well known software, specifically TurboTax, says about using completing the FBAR form.  

 

Now it would be interesting to know if anyone has actually "uploaded" their tax software prepared FBAR form to the FinCen website versus the separate FinCen FBAR PDF form and then got the two confirmations that your FBAR submission has been accepted by Treasury?  

 

https://ttlc.intuit.com/questions/1900813-can-turbotax-handle-an-fbar-report-fincen-114

 

 

Edited April 21, 2017 by Pib

[JimGant]

Quote

But up to a couple of years ago when you could still "mail-in" your FBAR form (or submit online), the FBAR form prepared by your tax software could be used for mail-in as I did it one year.

Right. But now tax software can't bridge the online only filing gap.

[NancyL]

I really wish the online tax software like turbotax and taxact would link with the BSA e-filing system.  After a year or two of tediously completing the FinCen forms on taxact, I realized it was just a stupid exercise and skipped it this year, moving straight to the gov't BSA website instead.  

 

It would improve compliance if the BSA system could be linked on the tax filing software programs.  Our bank account information doesn't change much from year-to-year; taxact is good at remembering your data from the previous year -- BSA doesn't.  Drives me nuts to have to input the same data year after year.

[Pib]

Yea, I too consider it pretty much a waste of time to fill out the FBAR form/worksheet in your tax software since you can't mail it in anymore.   All you can do is use it to reenter the data into the FinCEN form at the Treasury website.

 

Instead, each year I first confirm the FBAR form version has not changed by downloading the last form from the FinCEN website (the form has not changed for the last several years).  If no change in version, I just pull-up last year's signed form, click the unsign button so I can update the data on the form for the current tax year which is usually just change the tax year and updating highest amounts in my accounts.  I then sign and submit/upload the form to the FinCEN website....done.

 

Now when they do update the form at some point in the future I'll just cut and paste/reenter all the necessary data and then hopefully have several more years of unchanged form versions which allow quick update and submission.

 

I do not use the online form where you can complete and submit the form while online; instead, I use the download PDF form to my computer, complete it at will, and then submit/upload.

 

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

 

 

[NancyL]

Great time-saving idea, Pib!

 

At least doing it my way, I've memorized the address of our Bangkok Bank branch by inputting it so many times.

[mtls2005]

The biggest hassle with the FBAR filing on the BSA E-Filing web-site is the bloody password reset.

 

I just open the previous year's PDF (saved on my PC) change the year, and details and re-submit. Takes 2 minutes tops.