FBAR reporting of foreign assets for USA
FBAR reporting of foreign assets for USA
Anyone have any experience with FBAR reporting? (US citizens are required to report foreign assets to the Treasury Dept)
- Phuket2006
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U ONLY FBAR if u have a total of OVER $10,000 in ALL your foreign Bank accounts
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
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Technically true...for now. http://www.irs.gov/Businesses/Small-Bus ... ounts-FBAR But a friend told me his khmer bank recently required him to fill out some US IRS forms for his accounts, and he has less than $10K total in that bank. Sorry I can't be more specific - he wasn't. The 'merican bankers/accountants/lawyers on here should know more. Will they share without charging? Don't know!Phuket2006 wrote:U ONLY FBAR if u have a total of OVER $10,000 in ALL your foreign Bank accounts
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- Phuket2006
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Banks here in Thailand require u fill out US forms as well if u open an account now ( but there not asking those of us that had accounts before) where ur ss # is shown. So many are just refusing to open accounts for Americans as they dot want deal with the hassle.Sraomcheung Ayng wrote:Technically true...for now. http://www.irs.gov/Businesses/Small-Bus ... ounts-FBAR But a friend told me his khmer bank recently required him to fill out some US IRS forms for his accounts, and he has less than $10K total in that bank. Sorry I can't be more specific - he wasn't. The 'merican bankers/accountants/lawyers on here should know more. Will they share without charging? Don't know!Phuket2006 wrote:U ONLY FBAR if u have a total of OVER $10,000 in ALL your foreign Bank accounts
BUT the bank is not required to file to the states UNLESS if goes above $10,000 and HOW would each bank know if u have more than one account in different countries.
It is really up to the individual to file
The FBAR is a tool to help the United States government identify persons who may be, in the view of the IRS, using foreign bank accounts to circumvent United States law. With FACTA, IRS criminal investigators will use the FBARs to help them identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad as well as undisclosed foreign accounts.
The FBAR must be filed with the Treasury Department (it is not filed with your your federal income tax return) whenever you meet the FBAR filing requirements, which in a nutshell is whenever a U.S. person has a financial interest in, or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust or other type of foreign financial account (including an insurance policy with a cash value such as a whole life insurance policy) maintained with a financial institution, with an aggregate value of over $10,000 at any time during the calendar year based on the highest value of each foreign account during the tax year.
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
If you have over 25 accounts you seem to tick a box which says that and then have no obligation to give details. Time to open a few more accounts, that way they'll have to follow up to get any of your bank account details that are not being reported by your financial institution. This could be useful for anyone with US reporting obligations (citizens, green card holders, tax resident) who managed to open their account without the bank knowing their US status (eg dual nationality using second passport).
Uncle Sam is tightening the rope, almost all countries including Swiss and Cayman have their banks report to US all details of US tax residents, even Singapore got it the hard way. Your records are handed over and if you're over threshold IRS will gladly make aquitance with you.
- Miguelito
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For our American friends:
(From Khmer Times)The General Department of Taxation called last week on banks, insurance companies and microfinance institutions (MFIs) to accurately report the taxpayer identification numbers (US-TIN) of clients with US citizenship. The statement, issued on January 3 and signed by GDT’s General Director Kong Vibol, said reporting accurate US-TIN numbers is necessary to comply with the Foreign Account Tax Compliance Act (Facta) that Cambodia has signed with the US. Local banks, insurance firms and MFIs have been expressing concern over the difficulty of obtaining the US-TIN for their US clients.
For our american friends: FATCA looks like is going to enforced in Cambodia too due to friendly persuasion of uncle Sam. Worry not. If you do not disclose your TIN number to your KOW bank they will simply block your account as per directives from the top. Worry not again, it will be only 2020 when they have to send automatically your details to IRS. The important word here is AUTOMATICALLY. End of fiscal year they will report to IRS all and sundry without being asked for.
For our EU friends (UK dunno where it stands): CRS (Common Reporting Standards) is FATCA big brother and going into force same way. Cambodia is due to enforce it too in 2020. As a bright side most of Africa and US will not report to your EU country. Have fun !
For our EU friends (UK dunno where it stands): CRS (Common Reporting Standards) is FATCA big brother and going into force same way. Cambodia is due to enforce it too in 2020. As a bright side most of Africa and US will not report to your EU country. Have fun !
- Miguelito
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For our American friends: Tax time is coming, and don't forget:
(The Phnom Penh Post)The General Department of Taxation on Friday issued a statement reminding Cambodian financial institutions to comply with the reporting requirements of the US’s Foreign Account Tax Compliance Act (FATCA). Cambodia and the US have signed an agreement to enforce FATCA, which mandates that financial institutions holding certain amounts of money in accounts managed by US citizens must report that information to the US government. The deadline for reporting on accounts active last year is June 29, according to the Tax Department’s statement.
US citizens are taxed on worldwide income. However once you delve into things, there are loopholes to claim exemptions and credits.Marinaris wrote:For people who have khmer and USA citizenship, how does it work ? If they own stuff in Cambodia under their khmer id, are they subject to tax in USA ?
lol, taxed by and for some psycho clowns in the USA even when you live and work in a separate sovereign nation.......And you still pay it? ... There is no hope. Just bend over...you are a possession.
If you live and work in another country you get an exclusion on the first $102k of wages. The people making over $102k will be taxed on the amount over $102K (I.e if you make $105k you are taxed on $3k)CircleK wrote:lol, taxed by and for some psycho clowns in the USA even when you live and work in a separate sovereign nation.......And you still pay it? ... There is no hope. Just bend over...you are a possession.
Doesn’t work for those that are self-employed though.
(Note the $102k is 2017 level, it’s likely higher for 2018. Check IRS form 2555)
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