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  #16  
Old 06-22-2011, 12:45 PM
jnr jnr is offline
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Default

Quote:
Originally Posted by forever_waiting View Post
Tax consultants have no clue about various things when it comes to filing taxes for foreign nationals. That is why I started doing my own research and filing taxes on my own.

FBAR has to be filed by anyone and everyone (even an H1B visa holder is a "resident" for tax purposes...but anyway all citizens, visa holders etc come under this requirement).
As everyone knows by now the requirement is applied if you have greater than US$ 10K when you aggregate all your foreign accounts/FDs/CDs etc.

yes - practically maybe the Treasury Dept is only chasing big time money launderers and folks who have stashed away millions in foreign accounts. But considering the penalties involved (which are pretty severe) do you really want to take a chance? When I learnt about the FBAR form last year I went back 4 years and filed FBAR forms for all 4 years that I missed even though my foreign account aggregate balance for each of those years was just a shade over 10K.
What was the reason you gave for your previous 4 year late filings? Did they assess penalty?

What will be a good reason to state for having not filed FBAR's for years previous to 2010? Anybody with previous successful experiences?
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  #17  
Old 06-27-2011, 01:19 PM
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Default Do we really have to file??

The Big question is:

Do we (individuals with NRE accounts; not having any business in the country of Residence and Country of Birth) really have to file FBAR?

To me (took the opinion of a friend too) it appears that only persons that are associated with a foreign business have to file it based on the following:

1. On irs.gov website FBAR is under "Business" tab.
2. It also says (source):
"An employee or officer of an entity under 31 CFR 1010.350(f)(2)(i)-(v) who has
signature or other authority over and no financial interest in a foreign financial account
of a controlled person of the entity; OR

an employee or officer of a controlled person of an entity under 31 CFR 1010.350(f)
(2) (i)-(v) who has signature or other authority over and no financial interest in a
foreign financial account of the entity, the controlled person, or another controlled
person of the entity".

I believe the confusion comes from the following statement (but this may be only true for the people who are US persons and also doing business or related to any organization abroad) [source]:

"United States persons are required to file an FBAR if:
The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported".

Your thoughts and comments please.



Quote:
Originally Posted by refresher123 View Post
Dear All,

Firstly, sorry if this is a re-post or inappropriate forum, but I wanted to clarify on FBAR filing as the due date Sep 23 is fast approaching. I sent around $25k to my Indian bank account towards purchase of some property in 2008. The money was immediately disbursed from my account after the transfer. Do I still need to file FBAR as the max amount in my Indian bank account was over $10k(requirement for fBAR filing) at some point of time during 2008? Please let me know if anyone has the answer.

Thanks
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  #18  
Old 06-27-2011, 02:01 PM
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Default Have fun!

If you have foreign financial accounts and had a balance of $10000 or more in aggregate in the previous year, you have to file FBAR. It applies to citizens, GC holders and H-1Bs. Probably F1s are exempt. I am not sure, though. (I think F1s are not considered as Residents for tax purposes. Don't take my word for it, though.) It is true that most of the tax return preparers don't know about FBAR. However, if you check with a CPA, he/she should give you correct advice, hopefully ;-). Apart from bank accounts, you have to declare financial accounts such as mutual funds, certain type of Life Insurance policies etc. Till last year, they had exempted individual bonds and stocks from the purview of FBAR. But, in the latest FBAR form, they have quietly removed that line. (Check the instructions.) Have fun!
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  #19  
Old 02-06-2012, 07:27 PM
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Default

Hi,
Can you share what reason you stated for not filing earlier?
Anyone else?
Quote:
Originally Posted by forever_waiting View Post
Tax consultants have no clue about various things when it comes to filing taxes for foreign nationals. That is why I started doing my own research and filing taxes on my own.

FBAR has to be filed by anyone and everyone (even an H1B visa holder is a "resident" for tax purposes...but anyway all citizens, visa holders etc come under this requirement).
As everyone knows by now the requirement is applied if you have greater than US$ 10K when you aggregate all your foreign accounts/FDs/CDs etc.

yes - practically maybe the Treasury Dept is only chasing big time money launderers and folks who have stashed away millions in foreign accounts. But considering the penalties involved (which are pretty severe) do you really want to take a chance? When I learnt about the FBAR form last year I went back 4 years and filed FBAR forms for all 4 years that I missed even though my foreign account aggregate balance for each of those years was just a shade over 10K.
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  #20  
Old 02-06-2012, 09:32 PM
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Default

Quote:
Originally Posted by jnr View Post
What was the reason you gave for your previous 4 year late filings? Did they assess penalty?

What will be a good reason to state for having not filed FBAR's for years previous to 2010? Anybody with previous successful experiences?
IT IS NEVER TOO LATE!

Write a cover letter that you are not aware of it. As soon as you knew this, you planned to file for all missing years.

* Take copies of the form
* Fill for every missing year till 2011
* Write a cover letter, politely explain the reason and assure you will file in the following years properly
* Send to Treasury.

If you have 25 billion dollars in foreign country and did not file FBAR so far, this is the best time to hire at least 100 attorneys to defend you.

If you have less than 100K, send apology letter, file and move on. There is nothing else you can do.

All Treasury wants is, YOU BE HONEST! Thats all!
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  #21  
Old 02-06-2012, 09:39 PM
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Default

Thank you ivgclive.
Yes, I am meeting a CPA tomorrow to sort this out.
I actually had a CPA file my taxes two years back(when I was on H1). I told him I earned like Rs.5000 in interest in NRE account and he goes, no you don't have to report that since you are not a GC holder.
Now reading around I found I will even have to ammend my federal/state to reflect those.

Hope everything will be settled smoothly.
Quote:
Originally Posted by ivgclive View Post
IT IS NEVER TOO LATE!

Write a cover letter that you are not aware of it. As soon as you knew this, you planned to file for all missing years.

* Take copies of the form
* Fill for every missing year till 2011
* Write a cover letter, politely explain the reason and assure you will file in the following years properly
* Send to Treasury.

If you have 25 billion dollars in foreign country and did not file FBAR so far, this is the best time to hire at least 100 attorneys to defend you.

If you have less than 100K, send apology letter, file and move on. There is nothing else you can do.

All Treasury wants is, YOU BE HONEST! Thats all!
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  #22  
Old 02-07-2012, 01:48 PM
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Question FBAR reporting query

If one has NRE, Fixed Deposit (CD) and saving accounts in India, then does one needs to report all accounts in FBAR or just NRE saving accounts. Does any option in turbo tax to report FBAR? If anyone has experience filing FBAR, please share what are high level steps? Do you need to get any tax paper from Indian Bank? Thanks in advance,
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  #23  
Old 02-07-2012, 02:13 PM
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Default FBAR online submission

They've made it easier now. You can file FBAR online. Here is the link:

BSA E-Filing System - Enroll Now

Follow the instructions on that page and you're good to go. The website belongs to the Dept of Treasury.

Hope that helped !

-A
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  #24  
Old 02-07-2012, 11:54 PM
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voice70 is on a distinguished road
Question FBAR clarification

Thanks for reply, it helps. My understanding, this URL is just to report foreign bank accounts, e.g. fixed deposit with Indian bank. Please clarify, how does one report interest earn by fixed deposit in foreign bank? Should one calculate in USD and report while filing taxes? How many years back one must go and report FBAR and adjust old filed taxes?
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  #25  
Old 02-10-2012, 03:41 PM
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Default

Here are some links that might help:

I am an Indian Citizen and US Green Card Holder (Was in US - JustAnswer

Green Card Holder filing taxes in USA

-A
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  #26  
Old 04-08-2012, 09:15 PM
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Unhappy

Quote:
Originally Posted by thomachan72 View Post
I will be surprised if there are not thousands of Indians who sent money to their accounts in India for purchasing property or other matters. Even citizens and GC holders do that. I dont understand why IRS is targetting such places like India where tax evasion is litterally not possible on interest income from banks. They should focus on Swis or other places that even India is focussing.
Very much resonate your thoughts. One hand we are not treated as a citizen and get kicked out if visa expires, on the other hand when it comes to taxes we are treated same as citizen. Hope someone should raise a legal hurdle for IRS.
I understand its not our country and we have to follow the rules etc., which I think most of us do, but this is unnecessary mess for people who are not aware of such laws (in fact I read somewhere that FBAR law has been in place for years and now they have woken up. Thats good, however they should start applying it near future rather than penalizing non-citizens for last few years of unawareness.
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  #27  
Old 04-08-2012, 09:26 PM
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Default

Quote:
Originally Posted by jain4444 View Post
Do people on temporary visa such as H-1B or waiting for green card also need to file FBAR. My understanding was it is for US Citizens and residents of US (My understanding is residents here mean permanent residents)
Thats what most of us make the mistake Thinking that we are on visa we are not sure of our status residents, aliens, non-resident alien etc. all confusion.

So I found out recently that Visa has nothing to do with US residency and residency is based on number of days worked out here (F1 is not treated under residency category). Below is the link for determining if one is a US resident or not (Just for tax purposes, for all other purposes you are a NON-citizen who gets scrutinized at the security checkpoints, thrown out after visa expiration, however tax purposes you are a citizen.. thats another frustrating thing along with this FBAR mess; Guess everyone is after money so why not government lol)
Tax Topics - Topic 851 Resident and Non-Resident Aliens
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  #28  
Old 08-22-2012, 12:47 PM
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Default IRS Medic

I highly recommend that people who are wondering about their FBAR filing requirements contact an ATTORNEY with significant experience in the field. IRS Medic provides free consultations and they will be able to let you know whether or not you were/are required to file an FBAR. if you were required to file an FBAR in the past, then you need to consider whether or not you should be taking advantage of the IRS Offshore Voluntary Disclosure Initiative. I don't know too much about this, but not only will Anthony Parent and his team tell you the truth (eve if you don't want to hear it), but his website is a great resource as well. Check out his blog articles on OVDI and FBAR here. I think the biggest take away is that you shouldn't trust someone who automatically recommends "soft disclosure"
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  #29  
Old 08-22-2012, 12:58 PM
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Default

Guys, I had a old account in India with less than 1 lakh rupees ($2000) . This year , I have transferred a large amount (also loaned some from parents/in-law) since we are planning to buy a property.

I will be filing a FBAR during next year's return. The question is, do I need to submit amended return for last few years (because of the small interest income on less than $2000) ?
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  #30  
Old 08-22-2012, 01:10 PM
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Default

Quote:
Originally Posted by ViciousCircle View Post
Guys, I had a old account in India with less than 1 lakh rupees ($2000) . This year , I have transferred a large amount (also loaned some from parents/in-law) since we are planning to buy a property.

I will be filing a FBAR during next year's return. The question is, do I need to submit amended return for last few years (because of the small interest income on less than $2000) ?


If the account was never previously over $10k, then you should not need to do anything, According to the IRS FAQ Question #2.
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