Korean Job Discussion Forums

[radcon]

Have you Americans kept up to date on the new tax regulations of FBAR and FACTA? Do you even know what these are? Will you comply in the future if you have not done so. This is some scary bullshit. $10,000 threshold on even a spouse's funds? Eff that noise. The US govt can go eff themselves. It might be time for even small fish like me to renounce citizenship.Here is some info for those not in the know:


"Do I have to comply with the Foreign Bank Account Report (FBAR)?
If you are a Yank that has deep roots in your current country, married to a native, own an ESL school, or are a highly paid fancy-pants university professor, you may have enough funds in foreign financial accounts to worry about having to comply with FBAR. Due-diligence is in order. There are big penalties for failing to timely file. FBAR really seems like bottom fishing by Feds. If you and/or your spouse are saving up for a car, house, or really nice vacation, it is very easy to be netted by FBAR. If you had more than $10,000 in your own and/or jointaccount on any day in 2013, you have to file a report with the Treasury Department. Under FBAR, even if 99.9% of the money in the foreign financial account belongs to your spouse, you still must report this account to the Treasury Department.

Here are the general requirements:
Are you an American Citizen/Green Card Holder?
Did you have more than $10,000 in any foreign financial account at any time in 2013?
Are you a joint-signator on any foreign bank account that had more than $10,000 in any foreign financial account(s) at any time in 2013?
Do you have any foreign account that has non-monetary asset(s) i.e. insurance policies of more than $10,000?"

[World Traveler]

[radcon]

[FriendlyDaegu]