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FBAR for 2013

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maneo
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FBAR for 2013

Postby maneo » Thu, 26 Jun 2014 1:47 pm

For those that must file (i.e. certain "US persons"), what do you think of the new, online FinCEN 114 BSA e-filing system that's replaced the old, paper-based TDF 90-22.1 forms?

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

No paper is needed now & the expansion function for adding pages is certainly more convenient than creating continuation pages for the fill-able pdf version of IRS Form 8938.

By the way, this link gives a comparison between the FBAR & From 8938:

http://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

Also found out from IRS FinCEN that foreign retirement accounts, such as CPF, should be included, even though they are SG's version of Social Security. The stated basis for this is that the CPF accounts are separate and "are held in the individual's name" rather than being pooled as in defined benefit programs. Hmmm.
Was told to electronically file amended FBARs for the past 6 years (i.e. length of statute of limitations).
Joy.

At least have got another year deferral on accounts one has signature authority in but no financial interest, so don't need to include the condo management committee account this year.

Only a few more days left to submit.
:roll:

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Postby sundaymorningstaple » Thu, 26 Jun 2014 3:09 pm

Yeah, I had to do the same only I had to go back 7 yrs to 2007 because of the CPF. Was given wrong info years ago (actually for many years there was no determination on it, but a couple of years ago, they changed it, but I missed it. :(

I thought there was a 7 year statute of limitations, not 6. :?

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Postby maneo » Thu, 26 Jun 2014 3:24 pm

According to the IRS, for civil penalties it's 6 years:

"4.26.17.5.5 (05-05-2008)
FBAR Statute of Limitations


1. Title 26 statutes of limitations do not apply to FBAR cases.

2. The statute of limitations on assessment of civil FBAR penalties is six years from the date of the violation.

. . .

4. The statute of limitations on FBAR criminal penalties is five years from the date the offense is committed."

http://www.irs.gov/irm/part4/irm_04-026-017.html

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Postby taxico » Sat, 28 Jun 2014 12:51 am

"get your billion back, america!"
Aut viam ad caelum inveniam aut faciam

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Postby sundaymorningstaple » Sat, 28 Jun 2014 7:00 am

maneo wrote:According to the IRS, for civil penalties it's 6 years:

"4.26.17.5.5 (05-05-2008)
FBAR Statute of Limitations


1. Title 26 statutes of limitations do not apply to FBAR cases.

2. The statute of limitations on assessment of civil FBAR penalties is six years from the date of the violation.

. . .

4. The statute of limitations on FBAR criminal penalties is five years from the date the offense is committed."

http://www.irs.gov/irm/part4/irm_04-026-017.html


Guess I'm just too honest. :?

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Postby maneo » Mon, 30 Jun 2014 8:46 am

It looks like going back to 2007 was just right.
The submission for year 2007 should have been by end Jun 2008, exactly 6 years ago today.

Having to correct for CPF, etc. may seem pointless for those of us that are "too honest," but it's best not to give the bureaucratic enforcement vultures any excuse to boost their "penalties levied" KPI at our expense.


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