Jump to content


Advanced Members
  • Content Count

  • Joined

  • Last visited

Community Reputation

126 Excellent

About cusanus

  • Rank
    Senior Member
  • Birthday 06/20/1948

Previous Fields

  • Location
    Chiang Mai

Recent Profile Visitors

3,356 profile views
  1. Great answers and much appreciated. Should work 99% of the time. If you've heard of one of the many legit business in the US who've been destroyed by the IRS for laundering money (daily revenues), then you might have trouble relaxing. If you've observed a cocaine and meth racket going gangbusters on government property, it might also make you think. If you were not aware in past years and should have reported, then definitely report them. It's not worth having it come up later after the problem has multiplied. Believe it or not, the government is the major drug player on the block and cares more about seizing money than about whether or not you're guilty. Yes, I know, this is called conspiracy theory. Nobody I know, me included, has owed a penny in taxes for many years, but we file anyway for several reasons. One in particular is that the address for the annual Proof of Life form is taken from your 1040, at least it's supposed to. It wasn't for the one fellow, a mystery, but that could be why he lost his SS. They claimed it was for some other reason, but wouldn't tell him. Let me just toss this in, that if your Proof of Life form (SSA 7162) has not arrived by early June, make sure you fill in a blank and send it in yourself. There are numerous addresses and methods and some do not work, so check back here if you're confused (after doing your FBARs).
  2. I've a very similar situation. The government may well just take it, perhaps using it also as an excuse to take on the "responsibility" to put your wife in a facility. 15% of SS recipients do not have access to their money; instead, it is paid to a "representative payee," often without the victim's consent. They payee is supposed to use the money to care for the older person, but in practice there is no way to assure this happens. At our age, nobody will hear your cries. If you get declared incompetent by a court, the seizure of SS checks automatically follows; however, based on a single telephone call, a SS representative can declare you incompetent without any court evidence. I've caught on to such things due to some very nasty experiences. Note that as we get older, not only are SS increases trailing far behind COL increases, but as our physical and mental capabilities diminish the government's rules become more difficult to maneuver; in fact, outright abusive. It took a friend of mine many phone calls, some of them 2-3 hours to SS reps just to get his address changed. It never happened and the following year his payments were suspended. That eventually got straightened out, but it wasn't easy. Don't get me started.
  3. There's nothing difficult about the online filing (which I understood to be the only way to do it this year). I wouldn't recommend advertising a refusal to comply. <removed> https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
  4. You may be right, Tim. For many, the financial penalties would be pretty devastating. Also, no penalties should apply unless the failure was deliberate, but that isn't your call. Thanks for your comments.
  5. You're quite wrong on all counts. If you have money in a foreign bank it matters not whether or not the bank asks for your social security number. Not a passable excuse. The $10,000 threshold does NOT apply to any single account, but the aggregate of all accounts you own or have signature authority over, even the $807 in the account of concern. The co-signer rule does NOT apply to your money, but any accounts over which you have signature authority. A typical example would be the treasurer of a trust or pension, or in this case, anyone who has access to the funds for whatever reason but has no personal interest in them. I suggest for your own safety that you look a little closer at the rules. The penalty for missing an account is $10,000 per account (whether more or less than $10,000) PER YEAR. I'm not sure of the prison terms, but it would be a life sentence for many of us. The term signature authority used by US banks has no meaning in this case, it's a term used by the Department of Treasury for this purpose only.
  6. Here's an important question. If you're American and don't know know about FBAR filing for the US Treasury, you'd better get informed in a hurry or risk Uncle Scam stripping you of your bank accounts and sending you to prison. So, for the rest of us, the question is whether or not a "co-signature" Thai bank account must be reported by the co-signer. I would assume so, but the question arose because I went to a local BB branch and asked to be named beneficiary on a relative's account, not a joint owner or signer. No problem. We signed the papers without any questions, though of course I can't read what I'm signing and had to assume I was only a beneficiary. I was assured that I had no interest in the money or name on the account. Much later, however, I read discussions to the effect that Thai banks do not have beneficiaries, but co signers, whatever that actually means. I had to suspect then, that I actually am a co signer. I don't know if that means I have "signature authority" over the account or not as defined by the US Treasury, department, but it's certainly a worthy question to be put to the Thai expat community. I do plan on adding the account to my Fincen report just to be on the safe side, can't do any harm I suppose. It's not a tough job to file, but a very serious concern to do right unless you want to be ground under the heel of the US and sent to prison. I spent 57 years in the USA being the victim of nearly every high crime perpetrated by the US government: cocaine distribution, child porn, death threats, extortion, Rico violations, to name a few. Thank God I've found peace in Thailand the last 15 years, but you never entirely get rid of the parasites this side of the grave. Any experts out there who can set us straight? I do hope the answers are helpful to others.
  • Create New...