TaxConnections

Login | TAXPAYERS | TAX PROFESSIONALS-START HERE
Ask Tax Question

I am Australian citizen with us residency (1995). I have a PSS Superannuation from my time with Australian govt. I resigned from there Nov, 1991. I put no contributions etc since resignation.. just earning interest from what is in there. Currently at 137K Australian $. I also have Australian inheritance in a commonwealth Saving Bank account. I am executor of the will. 50% of money is mine, other 50 is divided to my 2 children (16 and 18). We (my wife -US citizen) file joint US tax form every year.

We declared Commonwealth Bank account in schedule E, amount, interest, Australian tax paid (10% by bank) etc and paid whatever US taxes. Just found out about FBAR!! HELP. Seen multiple US attorneys.. charging about 10K to help. They say I will face 27-30% penalty from IRS on Superannuation amount (40K) as not reported in FBAR. If I go OVPD..if I opt out, pay 20K extra in attorney fees. However, they say Super is a grey area. I have no access to this money ( I believe I can now take the $ as i just turned 55). Based on their scenario, after penalty taxes , conversion rate, IRS penalty and attorney fees.. I have no Super left. I need help on this
Voluntary Disclosure FBAR IRS
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Chuck Heyde, CPA, CGMA
I am sorry but they are correct.

read more here -

http://gemms.us/fbar

http://gemms.us/fbar-vs-8938

and here -

www.taxconnections.com/taxQuestions/Treasury-FBAR-TD-F-90-221-and-IRS-form-8938-filing-requirements-I-am-a-dual-US-A/521#.U6npnPldUjo

Chuck Heyde, CPA, CGMA
www.GEMMS.us
Leave a Comment 186 weeks ago



Meet Leading Tax Advisors

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA

Principal

User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo William Rogers, CFP, MBA, EA

Rancho Santa Fe, California, USA

CEO/Certified Financial Advisor

User Photo Randy Tarpey

Tyrone , Pennsylvania, USA

Owner

User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo David Hughey, EA, MAcc

Longview, Washington, USA

Tax Consultant/Tax Advisor

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

Tax Principal - President

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Chad Hatalla

Rheinfelden, Switzerland

Senior Tax Manager

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Dr. Daniel Erasmus

West Palm Beach, Florida, USA

Managing Partner/EMEA

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today