The IRS and Expats, FBAR penalties

[Gringo80]

Bloomberg - Are you a robot?

Archived version

 

[AxelM]

Simply do not have more than $10,000 within any foreign account and you're set

 

[Agribotics]

Simply do not have more than $10,000 within any foreign account and you're set

Don't have a total of $10,000 in all your foreign accounts and you're set.

 

[Frank2000]

Simply do not have more than $10,000 within any foreign account and you're set

The Bank Secrecy Act (“BSA”) requires a person to file a Report of Foreign Bank and Financial Accounts (“FBAR”), Financial Crimes Enforcement Network (“FinCEN”) Report 114, when that person has a financial interest in, or signature or other authority over, at least one foreign financial account and the aggregate value of all foreign financial accounts exceeds $10,000. While often mistaken for a “tax” form, the FBAR is not technically a tax form. Although the FBAR filing requirement has been around since the 1970s, the Federal Government has significantly stepped up enforcement—and penalty assessment—in more recent years.

 

[Frank2000]

Bloomberg - Are you a robot?

This has nothing to do with tax obligations or expats. It applies to every US citizen and resident even if you don't have any tax obligations, even if you live in the USA.

 

[lunar]

Although the FBAR filing requirement has been around since the 1970s ...

How come this 10,000 limit has never been raised. Back in 70s an average car price was 3.5k, now it is 47k.

 

[sergio]

Don't have a total of $10,000 in all your foreign accounts and you're set.

What rate do the US tax authorities use? Official or some other rate?

 

[lunar]

What rate do the US tax authorities use? Official or some other rate?

Тhere are several different ways, you can find out in instructions for filling some IRS forms.
One of them is to use IRS currency rate tables

Yearly Average Currency Exchange Rates | Internal Revenue Service

Income and expense transactions must be reported in U.S. dollars on U.S. tax returns. Review a chart of yearly average currency exchange rates.

www.irs.gov

 

[Redpossum]

FBAR? I think a better name would be FUBAR

 

[sergio]

RELATED article. I'm not quite clear about the first sentence of this article:
https://www.lanacion.com.ar/economi...-de-cuentas-bancarias-en-estados-nid29082022/