FBAR Filing

santosh1977 · Post by **santosh1977** » Wed Mar 17, 2010 8:03 pm

How many people are showing foreign bank accounts under FBAR? Can you reply in YES if you have declared india accounts and NO if you have not so that we have an idea on how people are reacting to the FBAR rule.

I have talked to so many of my friends and none of them has shown the India bank accounts. 80% of them did not even know about FBAR :-)

I have not filed my 2009 return yet and still confused about FBAR.

mavip · Post by **mavip** » Fri Mar 19, 2010 5:41 am

I had to do it for 2009 filing. I too never knew about this and I was told by my tax filer that this is mandatory from now on.. not sure though...

padsrik · Post by **padsrik** » Fri Mar 19, 2010 10:14 pm

I am a CPA and I have to attend CPE seminars to maintain CPA license. During the past two years, in the seminars that I attended, the speakers spent atleast 30 minutes talking about how important it is for preparers to alert the tax payers about the need to file this form. IRS is very serious about levying the penalty for non filers.

During the last seminar, something that the speaker said stuck to my mind - he said, right now, IRS is just filing away these forms in some office in Detroit. They are not doing much with it in terms of examination, so he implied one need not fear something else will pop up if you file this form -THIS WAS JUST THE SPEAKERS INFORMATION.

I am planning to file this form by June 30th this year. The form has to be filed seperately and not with the tax return.

And it has to be filed only if aggregate value of all foreign accounts at ANY time exceeded $10,000.

fangfang · Post by **fangfang** » Wed Mar 31, 2010 4:05 am

How to you report foreign accounts interest income when your total account value is 10K or less and you claim "No" on Schedule B?

Regardless of how much is your foreign account, any interest from it should be taxed by the IRA. Is this right?

Publication 17 says if you are a citizen, you should report foreign source income. What if you are only a resident alien (green card)?

Desi_Friend · Post by **Desi_Friend** » Thu Aug 26, 2010 3:54 pm

Does IRS sends acknowledgement or some confirmation letter after FBAR filing? How one can be sure that they received the form through mail?

kkr · Post by **kkr** » Fri Aug 27, 2010 8:48 am

Desi_Friend;322037Does IRS sends acknowledgement or some confirmation letter after FBAR filing? How one can be sure that they received the form through mail?

Have you ever seen IRS sending an acknowledgement for anything? The only confirmation you can get is whatever you send with your form - meaning, USPS certified mail w/delivery confirmation, FedEx or UPS tracking # etc.

Sid · Post by **Sid** » Fri Aug 27, 2010 9:53 am

Desi_Friend;322037Does IRS sends acknowledgement or some confirmation letter after FBAR filing? How one can be sure that they received the form through mail?

Why would IRS send a confirmation for a Treasury form?

ShaanRM · Post by **ShaanRM** » Mon Sep 13, 2010 9:53 pm

To my knowledge and understanding of the FBAR, you need only worry about this if you are GC or USC. H1, L1 do not fit the description for who is a "United States Person".

You can read about it and also check out the notice 2010-23 linked within the IRS FAQ page.
http://www.irs.gov/businesses/small/article/0,,id=210244,00.html#FR2

kkassociate · Post by **kkassociate** » Thu Feb 10, 2011 2:42 pm

Dear All,

FBAR requirement is for USC/GCH and residents in USA even if they are on Visa. IRS is getting strict with these forms because they keep the track of money laundering. It is advisable to all the members in the forum to take care of this filing.

We provide assistance in USA and India tax filings from Pune. You can email us on [email][email protected][/email] or visit us at www.kkassociate.com

Regards,
KKA

gurusw · Post by **gurusw** » Sun Mar 13, 2011 6:54 pm

Last year I used TaxAct for filing my returns. This year I had more than $10,000 in my NRE account during part of year 2010. Will TaxAct take care of FBAR for me? If not, can I file returns using TaxAct & send FBAR separately to IRS? Does it has to reach IRS by Apr 15? TIA.