hcrabtree
4/3/2017 15:46 EST
Good afternoon,
I just went online to file our FBAR report and saw that the deadline has changed. Everything I read online said that it was due on June 30, but I figured I would file it when we filed our taxes so I wouldn't forget.
Glad I did because their website listed a new deadline!
April 15 - same as the IRS, but this year is April 18, due to April 15 being on a Saturday and the Washington D.C. Emancipation Day holiday being observed on April 17.
Thought I would let everyone know in case anyone else still thought it was June 30th.
Happy Tax Season :-/
P.S. Does anyone have any experience on taxes in Ecuador? Will we need to file based on interest income only? I have seen info on this in the past, but thought someone may have more recent advice. Thank you!
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SageMind
4/5/2017 01:20 EST
what is FBAR and when does one have to file a FBAR? where does one file it and who can help to figure out if one needs to file it?
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icemeister
4/5/2017 12:50 EST
Here's a link to the IRS web page explaining the FBAR:
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
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00abuse
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USNseabee
4/5/2017 19:17 EST
Learned a lesson LONG time ago. DON'T file a FBAR unless you're in business for yourself or have a hella of a CAPITAL GAIN from investments in Ecuador.
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01abuse
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LADDIED
4/5/2017 21:14 EST
FBAR HAS NOTHING USINTO DO WITH BISINESS OR CAPITAL GAIN.
You have to file the FBAR, to report any offshore accounts containing more then $10,000. The penalty for not filing is 50% of the money in the account. The US has agreements with most country's to report this money. Has nothing to do with income, and you will not owe any tax, if you have already reported the income on your taxes. The US will give you about $90,000 exemption from income tax on earned income from business or employment, plus allow you to deduct living expenses, including rent.
LARRY
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10abuse
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sabram7
4/6/2017 12:47 EST
FBAR is due April 18, BUT there is a six month automatic extension. Please see the link: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
We will be glad to help you with your taxes both in Ecuador and the USA. Feel free to email us fa@fascpaconsultants.com
Regards,
Fulton
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