FBAR Foreign bank account reporting is imperative, Please pardon my writing you again about this but I am deeply concerned.
If you have a bank account anyplace outside of the USA, it doe not matter why even if it is an account with money to obtain your spouse or retirement visa, you need to report it. The law says, “total aggregate of all accounts exceeding $10,000” but I am not sure I trust the IRS to abide by those regulations, I recommend to file for any significant amount. And do so for the last SIX (6) years, 2013 and back 5 more years, as required by law.
PLEASE understand the penalties for non-compliance are draconian that start at $500 and go up from there and can even include criminal prosecution if your failure to file was willful. Yes PROSECUTION!.
The Filing is required for individual accounts, joint accounts, even accounts that you just have signature authority over. If you don’t comply and the IRS catches up to you before you do they could ruin you life, even in Thailand or any other foreign country.
I don’t like it, NO ONE LIKES IT. But it is the law and you can comply or face the consequences if you get caught. And you will get caught!!
A great portion of the banks world-wide have signed on to this and are reporting all accounts held by US persons. It will not take long for the IRS computers to discover your name listed on the report submitted by your bank and discover that there is no corresponding filing by you.
Go to: https://bsaefiling1.fincen.treas.gov/PublicAccess to file. If you do not want to do it yourself I can do it for you. Please connect with me on TaxConnections.
Recent Comments