Thread: american citizens: FBAR deadline approaching

june 30th is the deadline, and american citizens with a total of over $10,000 in foreign accounts must notify the IRS by that date.

it's definitely annoying, but unlike other IRS forms this one is easy enough to fill out....
acct #s
ammounts (in $)
names and addresses of the banks

FAQs Regarding Report of Foreign Bank and Financial Accounts (FBAR)
http://www.irs.gov/pub/irs-pdf/f90221.pdf

Originally Posted by raycarey

june 30th is the deadline, and american citizens with a total of over $10,000 in foreign accounts must notify the IRS by that date.

it's definitely annoying, but unlike other IRS forms this one is easy enough to fill out....
acct #s
ammounts (in $)
names and addresses of the banks

FAQs Regarding Report of Foreign Bank and Financial Accounts (FBAR)
http://www.irs.gov/pub/irs-pdf/f90221.pdf

Unreal, Uncle Sam wishes to own slaves.

For all you Americans, you should research whether the IRS has any authority over your accounts or to tax you, being that they're a private corporation and they can't seem to provide a law that states individuals are required to do so.

Freedom2Fascism

Originally Posted by BugginOut

whether the IRS has any authority over your accounts or to tax you,

maybe - but they are backed by several carrier groups , cruise missiles and assorted weapon carrying drones

Wait until you transfer a large sum of money from the States and 30% is confiscated by the IRS.

Passed in the Commerce and Trade bill.

Sooner or later Hitlery's preposed plan of taxing 30% of ALL international transactions will be a fact. Even amounts as low as 10 bucks.

Drawing SSA?????????????????

You had better have a perm residence address in the USA or your bank maybe forced to close your account and send the balance to the IRS.

Just a few more tasty additions to the Tax code and a additional 16K IRS agents to enforce things.

And "large sum" is defined as?

Originally Posted by baldrick

Originally Posted by BugginOut

whether the IRS has any authority over your accounts or to tax you,

maybe - but they are backed by several carrier groups , cruise missiles and assorted weapon carrying drones

You're always on-the-beam, Baldrick.

As such, you are probably aware the the good 'ol USA has more imprisoned citizens (per capita) than any other 'first-world-nation' on this planet...not to mention that the enterprises of constructing and servicing of prisons in the USA has attracted foreign investment from Germany and elsewhere. Growth industry?

And how about those armed drones, etc.? I've read that with respect to sovereign, military budgeting, the USA spends more than the next eight nations combined! Also, that if the USA halved its military expenditures, it would equal the budgets of the sixteen next-biggest spenders. WTF? I'm somewhat concerned.

Thanks for your posts.

Thaiward

Originally Posted by Boon Mee

And "large sum" is defined as?

Not large at all...

Originally Posted by NPW

Sooner or later Hitlery's preposed plan of taxing 30% of ALL international transactions will be a fact. Even amounts as low as 10 bucks.

Originally Posted by Boon Mee

And "large sum" is defined as?

From what I gathered from reading, at least trying to anything over 10K.

As usual very confusing language in the legislation. If I can stomach reading it again I will post what it says.

Originally Posted by NPW

Wait until you transfer a large sum of money from the States and 30% is confiscated by the IRS.

Passed in the Commerce and Trade bill.

Sooner or later Hitlery's preposed plan of taxing 30% of ALL international transactions will be a fact. Even amounts as low as 10 bucks.

Drawing SSA?????????????????

You had better have a perm residence address in the USA or your bank maybe forced to close your account and send the balance to the IRS.

Just a few more tasty additions to the Tax code and a additional 16K IRS agents to enforce things.

NPW
I certainly appreciate the information in your posts.
To an older, honest brown horse who worked (too hard) all his life, you have revealed disturbing news. My SSA and union pension are destined to be looted?
I cannot open an offshore account because I was born in the land of the free, the home of the brave?
Any advice from yourself or your informational sources would be appreciated.
I've got lunch.
Thanks for your post.
Thaiedward

looking it up, if I remember for right now it is a 50K maybe for trnasfer of funds. Buy a house in BKK and it's a bunch more than that.

In the same boat worked and payed for 45 years

On the bank account some of the restrictions are in the Patriot !!HA!! act and it has to do with transferring money to a overseas account without a verifyable address in the States.

I will see if I can get the bill # 's and post them. I get too pissed reading through the regulations.

I can understand how they can nab cash from the states but can they actually see what's in your foreign accounts and can do actually do anything about it if you give them the finger?

^I think but am not sure (it should be in the documents/link Ray posted above and which I posted a little over a year ago in another thread) the penalty for not reporting each account (if they find out about it) can be 100,000.00 (US!) dollars.

It is the IRS and they have a pretty good reach,...I wouldn't F with them (or give them a finger).

There are plenty of anchor babies and babies born to Americans in endless countries around the world who will need to meet this IRS requirement. Getting them to pay some tax would help pay off some of that debt. There must be endless numbers of millionaires that hold American citizenship. Will the US press the members of these families who have cash abroad or is it only going to applies to Joe Nobody American, the easily abused. Will they let the bin Laden and Saudi types escape again because they own 4 trillion in the US markets?

Originally Posted by BugginOut

For all you Americans, you should research whether the IRS has any authority over your accounts or to tax you, being that they're a private corporation and they can't seem to provide a law that states individuals are required to do so.

Freedom2Fascism

Lucid point. But no one is listening.....the fairytale that the IRS and U.S. government are one and the same - holds true. A private collection agency that is chartered by the U.S. Congress. As is the United States Federal Reserve. Both have bamboozled the already fanciful system.

Will the US press the members of these families who have cash abroad or is it only going to applies to Joe Nobody American, the easily abused. Will they let the bin Laden and Saudi types escape again because they own 4 trillion in the US markets?

If it will be used the way they say it only will will be one thing but how much do you trust the Burecrates and others in the US Government in particular the IRS to not see a chance to squeeze another penny off a dead mans eye.

And yes DO NOT FUCK WITH THEM.

Originally Posted by BugginOut

For all you Americans, you should research whether the IRS has any authority over your accounts or to tax you, being that they're a private corporation and they can't seem to provide a law that states individuals are required to do so.

The courts have time and time again disagreed with this interpretation.

Tax codes in the United States have been revised many times, but the foundation of the law lies in Article 1, Section 8 of the U.S. Constitution, which authorized Congress to "lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States." When the Civil War erupted, Congress passed the first income tax. Just two decades later, the Supreme Court struck down the tax, but Congress responded by ratifying the 16th Amendment in 1913, which tax experts say gives the government absolute authority to collect the tax.

Dan Evans, a Philadelphia lawyer and tax expert, said the argument that there is no lawful income tax law is "historical nonsense." The Supreme Court has repeatedly rejected the petitions of tax protesters, and no constitutional challenge has ever made it past the federal district court level, Evans said.


The law on taxes: Pay up, or else | Concord Monitor

True you cannot beat the IRS on constitutional ground because you have contracted with them. Contract law superceeds constitutional law when a contract is enforce. So until you ride yourself of a contractual obligations with the FED you are required to pay taxes. Part of benefits you are recieving, like your license to drive.

Oh forgot to mention the one contract they usually use against you in tax court is your signature card for your bank account. Read the really small print.

Get a copy of the US banks recent declaration on its taxes. Some 300,000 A4 pages were submitted. That should keep them occupied for a few years.