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US Govt Wants Feedback on FBAR (TODAY) Planning to Renew it AS IS

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adminee
1/15/2021 10:01 EST

We apologize for the late notice, but this chance to share your feedback about FBAR was only brought to our attention today. The US Government is soliciting feedback from Americans abroad about whether to renew FBAR as is or make changes. They are scheduled to renew it AS IS. These comments must be SUBMITTED TODAY (1/15) at this page: https://beta.regulations.gov/document/FINCEN-2020-0013-0001 (Click the blue comment button on that page). You may read previously submitted comments as well. DUE: January 15, 2021. Only 30 comments have been submitted to date. Please make your voices heard if you would like to changes made to FBAR.

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LiebersDad
1/15/2021 10:44 EST

UI live in the US and I travel quite a bit. I have heard of FUBAR, but never heard of FBAR. Please explain.

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elgordo42
1/15/2021 12:48 EST

FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, that must be filed with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department. The FBAR filing requirement is not part of filing a tax return.
IT IS REQUIRED ONLY IF YOU HAVE OVER $10,000 USD IN FOREIGN BANK ACCOUNTS.

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LiebersDad
1/15/2021 12:53 EST

Ah, thanks for that info. I guess I would have known that if it pertained to me. Stay safe!

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