#  >  > Living And Legal Affairs In Thailand >  >  > Thailand and Asia News >  >  > Business, Finance & Economics in Thailand >  >  american citizens:  FBAR deadline approaching

## 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

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## kingwilly

> 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.

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## 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

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## baldrick

> 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

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## BugginOut

True that.

And psychotic, power-hungry, salivating, jackboot demon police whose numbers and weaponry are swelling at unprecedented proportions. Not all, but many. I can't wait until all the returning war veterans start joining the police and private guard firms. They'll be wonderfully acclimated to urban policing and crowd control whilst flashing back to the good ol' days of Kabul.

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## 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.

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## Boon Mee

And "large sum" is defined as?

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## Thaiedward

> 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

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## chitown

> And "large sum" is defined as?


Not large at all...  :Sad: 




> 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.

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## NPW

> And "large sum" is defined as?


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

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

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## Thaiedward

> 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. 
> ...


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

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## NPW

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.

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## S Landreth

I send mine in every year around tax time. 

Make sure when you do send it (and for each account), that you designate the year which you are notifying them of (relating to that specific account). Because they have to be sent in by the middle of the year, each year,……the IRS gets confused if it is the year that they received it in or the pervious year. I report previous year, each year.

One other thing,.if that account has Zero dollars in it today,….it doesn’t mean shit,…if at any one time during the year, it had 10,000.00 in it, you have to report it

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## mr Fred

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?

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## S Landreth

^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).

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## PaulBunyon

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?

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## Rural Surin

> 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.

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## NPW

_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.  ::spin::  :tieme:  :deadhorsebig:

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## Agent_Smith

> 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.

T*ax 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

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## rken

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.

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## rken

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.

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## Probosci Akimbo

> 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. 
> ...


From a foreign trade point of view this is an idiotic move.
It would kill foreign trade in one swoop. And raise costs for all Americans 
far beyond any tax acrual the government would take in.
I don't buy the sooner or later argument. It's just talk to appease the unions.

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## phomsanuk

What, my fellow, "Land of the Free, Home of the Brave" citizens doing about this?

"If you have 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, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR)."  :Scratchchin:

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## crocodilexp

> The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported. source


This is a convenient clause. Keep the balance under $10,000 (on all accounts) and you don't need to file the form. 

Otherwise, do file this form... along with your other 67 other mandatory tax-related forms, including the article 124.89 surcharge for consuming som tum with foreign-produced raw fish (aka _pla ra_). 

Of course, this does not constitute tax advice. US tax code is monstrous, so if you have anything more complex than a W-2 income, they may get you in some way, even if you pay all your dues. After all, even U.S. Congressmen and H & R Block can't file their own taxes correctly.

On an unrelated note, morning glory (i.e. _pad pak bung_) is illegal in the land of the free (for real!), so don't bring any when you visit.

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## OhOh

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.

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## S Landreth

> What, my fellow, "Land of the Free, Home of the Brave" citizens doing about this?


Been doing it for years. There are at least two threads on the subject here at TD.

Now three  :Smile: 

the other two: https://teakdoor.com/business-finance...proaching.html (american citizens:  FBAR deadline approaching)

and: https://teakdoor.com/the-teakdoor-lou...-generous.html (Arn,t I focking Generous)

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## Thaiedward

F****D-UP BEYOND ALL RECOGNITION?

This is what happens when mega-banks literally own the politicians who shift debt on to the backs of tax-payers.

The Occupy Wall Street movement conjures-up images of martial law in the 'land of the free'. 

We've gone from democracy to oligarchy...just like Rome.

When ancient Rome fell, the Dark Ages ensued. Who knows what dystopia awaits us.

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## ch1ldofthemoon

^^^^Is morning glory illegal in the US because the seeds are hallucinogenic?

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## crocodilexp

> Contract law superceeds constitutional law


 :rofl: 

This, my friends, is what you get when you rely on legal advice from the internet.

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## rken

> Originally Posted by rken
> 
> 
> Contract law superceeds constitutional law
> 
> 
> 
> 
> This, my friends, is what you get when you rely on legal advice from the internet.


Well, if what you say is true, you need to read the internet more.

The constitution gives us unlimited ability to contract. But when you engage in a contract. The terms of that contract are binding on the parties. You contract with the Federal Reserve ( a private corporation) by using their money, instead of lawful money of the US treasury. As a result you are bound to pay a fee for using it, in the form of taxes. The courts have ruled if you receive a benefit than you have entered, contractually with the giver of the benefit. 

Title 12 USC §411 :
[link to www.law.cornell.edu] 
Read:
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System* for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized.* The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank. 
(emphasis mine)
This proves that Lawful Money and Legal Tender are not the same.
All that is required is a restricted endorsement on the back of any check to the effect of:
Redeemed in Lawful money
Pursuant to Title 12 USC §411

Are you a bank, a federal agent, or just plain breaking the law. In essence you have become an employee of the fed. And as such are subject to their rules and regulations, in the form of statutes, codes and ordinances by agreement or contract. Thanks for reminding of the great education that is available via the internet. rken

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## VocalNeal

I'm a simpleton when it comes to matter of finance but can't one simply have more than one account with $9900. Never transfer more than 9990?

Or keep money in US accounts and us an ATM card.

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## BugginOut

^^No, because it's an invasive species that's difficult to get rid of.

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## LukDod

FBAR...???
Must you remit a FBAR report...
IF you have more than one acc't in your name with the _same_ bank and each acc't has _less_ than $10K-US  ???  
thanks...

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## Thaihome

> FBAR...???
> Must you remit a FBAR report...
> IF you have more than one acc't in your name with the _same_ bank and each acc't has _less_ than $10K-US ??? 
> thanks...


No, the sum of all bank account must be less than $10K. If the sum of all accounts or the total of one goes over $10k you must report all bank accounts.

The bank accounts do not have to just be in your name. If you have signatory authority (sign checks) you must report them as well.

TH

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