FINBAR form for US citizens under new Immigration Policy

[SeaBorn13]

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

 

My take on this is that more US citizens will have to file under the new Immigration policy.  And those that had 800,000 in their Thai account last year have until April 15th to meet the filing deadline.  The penalty for NOT filing is $10,000.  As 800,000 baht has to be held in a Thai bank, in my opinion this triggers the need to file the Treasury form.  Comments?

[ubonjoe]

Nothing new in that. Been the same for years.

Moved to the home country forum where it has been discussed many times.

[Sheryl]

It has always been necessary to file if you had more than $10,000 in a foreign bank account at any time during the year. So anyone using the 800K method has been filing or should have been.

 

The only change would be for anyone who used to use income method and is now switching to the 800K method, though with the latest round of new rules  making the 800K method more difficult I would nto expect that to be a lot of people.

 

Filing can be done online and is very easy. You can save it in a pdf file and then simply update it for resubmission the next year.

 

i have been filing for many years now. It's nothing. In fact much better than it used to be, originally had to mail it in, now all electronic.