Everything thing you wanted to know FBAR

[ILLMAS]

I will only post the link, it's too much information to copy and paste.

http://www.journalofaccountancy.com/NR/exeres/C0B907B4-5E8E-4A41-8F7E-5DC02A439B5B.htm?WBCMODE=PresentationUnpublished

[Catherine]

FBAR and FUBAR are ---sssooo--- very close....

I stopped doing these for folks; I now have a one-page info sheet that I hand to clients with foreign accounts. I just include the 8938 (or whatever it is) with the 1040, as needed.

[JohnH]

This year it has become even easier.

There's no paper form to file (unless they have to attach the 8938 to the return)

Just give them the link to file it online and remind them of the penalties.

You're done...

[joanmcq]

That's what I do too. I've never filled out an FBAR for a client, just ask the questions and pass on the info. There is way too much exposure for my comfort level if completed incorrectly.

[TAXMAN]

OK Have a tp who worked many years in the summer as a teacher at a Paris school. Reported all income on personal returns. However tp has a self and school contributed retirement plan through a broker. Does he need to report this under the fbar rules. Amount in account now in US $ is about 38k. Thanks guys

[joanmcq]

Depends on the type of account. Most likely yes. And foreign trust reporting. Ugh.

[JohnH]

Here's a pretty good starting point - IRS chart:

http://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

I have one client who has an active foreign account which always stays below the FBAR limit, but he tells me he has always filed the form anyhow. The risk is so high and there is no downside to filing, so he takes the safest path.

[kcjenkins]

OK Have a tp who worked many years in the summer as a teacher at a Paris school. Reported all income on personal returns. However tp has a self and school contributed retirement plan through a broker. Does he need to report this under the fbar rules. Amount in account now in US $ is about 38k. Thanks guys

I'm guessing you meant a SEP? And when was it moved into a US bank? Once it's in a US bank he should be ok.