Korean Job Discussion Forums

[MA_TESOL]

i was preparing my taxes when I came across this: Report of Foreign Bank and Financial Accounts. Apparently, if we have had 10H or more in a bank account here in the year we are required to fill out a form and send it to the Treasury Department. Failure to do this could result in very draconian fines and even jail time.

I knew nothing about this in the 8 years that I have been here and so never reported it. I filed my taxes, but apparently this is a separate thing. just type in "Report of Foreign Bank and Financial Accounts" in Google and you can read about it/

Now I am quite worried!!!!!

[hondaicivic]

[chellovek]

[Captain Corea]

[MA_TESOL]

soory. That is 10.000 US equivalent 10K

[recessiontime]

[Radius]

[Italy37612]

[pangaea]

I really don't see the IRS taking the time and effort of dealing with the distance and language barrier just to look into the foreign bank accounts of US teachers in SK to find out if they should have filled out a form.

[AsiaESLbound]

A $10,000 fine is draconian to us, but not so much so to those with millions of dollars off shoring (hiding) their taxable money in foreign accounts. I never heard of this filing foreign bank accounts by June 30th stuff, but the IRS still hasn't updated it's site to allow full real time services to submit filings and print documents as needed in any case. While these laws invented are mainly aimed at the wealthy off shoring their money, I would not write off the chance of the IRS frying small fish like English teachers. This is when you wished you had a dad or brother working in finance or law willing to help you keep your matters straight.

[Kwangjuchicken]

Been in Korea 11 years. I have also never heard of this. My second mother has had tax people do my stuff since I came here. Well, she can no longer help. I would like to know how many have ever heard of this and done it?

[Kwangjuchicken]

If you go to this site it looks as if we do not need to do this because we are not residents of The United States because we have Alien Registration Cards because we are residents of Korea NOT The United States. But then, it becomes contradictory by the meaning of the term �united States Person�


www.irs.gov/businesses/small/article/0,,id=148849,00.html

Note: Announcement 2010-16 temporarily suspends, for persons who are not United States citizens, United States residents or domestic entities, the requirement to file Form TD F 90-22.1 for the 2009 and earlier calendar years. The Announcement supplements and supersedes Announcement 2009-51.
This Announcement suspends, for persons who are not United States citizens,
United States residents, or domestic entities (corporations, partnerships, trusts, or
estates), the requirement to file Form TD F 90-22.1, Report of Foreign Bank and
Financial Accounts (FBAR), for the 2009 and earlier calendar years.

The requirement to file an FBAR due on June 30, 2010, is suspended for
persons who are not United States citizens, United States residents, or domestic
entities. Additionally, all persons may rely on the definition of �United States person�
found in the July 2000 version of the FBAR instructions to determine if they have an
FBAR filing obligation for the 2009 and earlier calendar years. The definition of �United
States person� from the July 2000 version of the FBAR is:

United States Person The term �United States person� means (1) a citizen or
resident of the United States, (2) a domestic partnership, (3) a domestic
corporation, or (4) a domestic estate or trust.

[Kwangjuchicken]

[Kwangjuchicken]

OK. I found the answer. We do need to do this. In my case 2010 was the first time I went over the amount. So, I am OK. I will have to do it for 2010. No problem. Seems quite simple now that I know what to do and how to do it.

[grant gerstners]

Bump.