# FBAR amendments



## Guest

Anyone had experience with FBAR amendments.

Seems I forgot to include an ESOP account, so I guess I will have to list is.
I talked to the IRS today, and they seemed pretty cool with it, they were more concered that I didn't save a copy of my original and would have to type it all out again.

Anyway, its a pain in the ass.....I have to wait 120 days before submitting the revisions.

Does anyone know if a Paypal account is an FBAR requirment as well.


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## Guest

Mach7 said:


> Anyone had experience with FBAR amendments.
> 
> Seems I forgot to include an ESOP account, so I guess I will have to list is.
> I talked to the IRS today, and they seemed pretty cool with it, they were more concered that I didn't save a copy of my original and would have to type it all out again.
> 
> Anyway, its a pain in the ass.....I have to wait 120 days before submitting the revisions.
> 
> Does anyone know if a Paypal account is an FBAR requirment as well.


My Paypal account debits our chequeing account which is already listed. I never thought of listing it. Credit cards? Ditto, if one pays them from chequeing or savings already listed, they don't need to go on do they?


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## Vangrrl

nobledreamer said:


> My Paypal account debits our chequeing account which is already listed. I never thought of listing it. Credit cards? Ditto, if one pays them from chequeing or savings already listed, they don't need to go on do they?


We only list positive balance accounts. I would say if we don't list lines of credits or mortgages then no credit cards either.


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## Bevdeforges

I've "forgotten" to list accounts in the past and simply added them to the next year's filing with no real apparent concern on the part of the IRS. I suppose in this latest fever of enforcement, they could change their approach - but unless you're actually hiding something in the account(s) you omitted, I think they have bigger fish to fry.
Cheers,
Bev


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## Guest

I suppose.

What if the senerio is such that the account has little money in it. Can they still penalize 10k for excluding an account (my mistake) even if the account has less than 200 dollars in it....or can they just take the 200 dollars?

Also, does anyone know if there is a fine or penalty for sending in amended FBARs?


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## Guest

Vangrrl said:


> We only list positive balance accounts. I would say if we don't list lines of credits or mortgages then no credit cards either.


Thanks, I love these posts that make so much sense!


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## Peg

Mach7 said:


> I suppose.
> 
> What if the senerio is such that the account has little money in it. Can they still penalize 10k for excluding an account (my mistake) even if the account has less than 200 dollars in it....or can they just take the 200 dollars?
> 
> Also, does anyone know if there is a fine or penalty for sending in amended FBARs?


They cannot "take" your money. They could choose to penalize you and then you choose if you want to pay it or fight it or just not go to the US.

They can penalize per account but as mean as the IRS could be I would be shocked if they would try to penalize us $10k per year for a $100 account.


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## Peg

Vangrrl said:


> We only list positive balance accounts. I would say if we don't list lines of credits or mortgages then no credit cards either.


I included one of my lines of credit because it had a positive balance for months even though no interest was paid to me and therefore would never be reported to CRA.

It's pretty funny really --- they call us cheats and yet many people here are making sure they report everything.


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## Vangrrl

Peg said:


> I included one of my lines of credit because it had a positive balance for months even though no interest was paid to me and therefore would never be reported to CRA.
> 
> It's pretty funny really --- they call us cheats and yet many people here are making sure they report everything.


I think what we are accomplishing is turning this program into a bureaucratic boondoggle and that's a-ok by me! Lets bury those b******rds under a mountain of paperwork and see what comes of it.


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## Peg

I reported accounts with less than $50 --- hey - it said to report everything!


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## Lovecheese

Peg, Did you just renounce your citizenship? If so, how long did it take to get your finalized paperwork from the Department of State?


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## Peg

Lovecheese said:


> Peg, Did you just renounce your citizenship? If so, how long did it take to get your finalized paperwork from the Department of State?


I renounced at a US Consulate in November 2011. I was told that the CLN from State could take 6 to 12 months and it would be backdated to the date I renounced. 

Therefore, although I am a US citizen right now, in the future I may not be a US citizen today!


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## justbrowsing

Peg said:


> I renounced at a US Consulate in November 2011. I was told that the CLN from State could take 6 to 12 months and it would be backdated to the date I renounced.
> 
> Therefore, although I am a US citizen right now, in the future I may not be a US citizen today!


I don't think you are a US citizen today. I was told that once I signed the Oath of Renunciation, I was doing so as a former USC. As well, I was told I would need to travel on only a CDN passport and this was from the Consul in Toronto.

True, they will backdate the CLN but that is merely a formality since you ain't a USC now.


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