I love the punitive nature of the "financial crimes enforcement network" . Not.
Thanks for the link. Well i set up the ids easily. Last year not so easy. I have to look up the info and file the forms now - one for me and one for the husband.
So today I was puttering about and realized that, holy crap, I forgot the damn FBAR. Once I uninstalled my old Adobe Acrobat and reinstalled a new Acrobat Reader (that only took a couple of hours ), and unlocked one of the accounts because none of the challenge questions looked familiar , it was done. Took half an hour to fill in and submit the forms.
It worked well on google chrome, btw.
Gosh! And I thought I was close in getting mine delivered last Friday morning. Talk about skin of your teeth edot! Write yourself reminders for next year all over the place.
That's me. Last minute, live on the edge FBAR filer.
Sorry for digging up an old thread.
I had a question for some of the experts. I did my FBAR filing back in March or so. But at the time, I only reported my main account number for PostFinance. I assumed that my savings account linked to the main account would be part of the parcel. However, I am not so sure anymore. Do you guys report all your "sub" account numbers? Bit worried that I messed it up.
With regards to the reporting of your sub-accounts, unfortunately (like most tax matters) this is a very grey area. In the past, the IRS has assessed penalties for sub-accounts which were not reported on the FBAR.
Even though those in the case argued before numerous courts (the defense saying that the accounts should not be penalized separately because the taxpayer had a "single banking relationship"), no ruling was ever made official.
Thus, my advice would be to report all accounts separately to avoid issues. It's a grey area - thus, I would err on the side of transparency.
Hope this helps!
Considering that interest here is almost 0, just keep it in cash under the bed, then no need to file!
Tom
I would strongly second the recommendation that you should report sub accounts. I have been told by my accountants that they have had clients fined due to not reporting of even low value sub accounts on the FBAR.
You need to do what you and your accountant think is best, but whenever I have had discussions on this matter I have been advised to be cautious and to even submit an amended FBAR.
I simply did not think about it! I am not sure what I should do now since the deadline has already passed. This is so friggin' annoying. I don't make enough to justify all this taxation hassle. sigh.
You should probably file a revised one, even though it is late. I think you may have to do it online, though. When I've called and asked questions, they are happy to answer.