# FBAR Bank amounts



## deannw (Dec 12, 2011)

with the new information just released by the IRS that penaltys for late filing of FBARS will not be imposed for reasonable cause i have decide to file FBARS for the past 6 years. does anyone know how on eart we are supposed to obtain the financiial amounts in the accounts they want


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## Peg (Sep 22, 2011)

Contact each financial institution, find your old statements at home or use a best estimate. I used quarterly statements for bigger accounts and best estimate for small ones.


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## Bevdeforges (Nov 16, 2007)

When filing back FBARs, I can tell you from personal experience that good faith estimates usually are perfectly acceptable. 
Cheers,
Bev


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## quincy (Oct 25, 2011)

deannw said:


> with the new information just released by the IRS that penaltys for late filing of FBARS will not be imposed for reasonable cause i have decide to file FBARS for the past 6 years. does anyone know how on eart we are supposed to obtain the financiial amounts in the accounts they want


If you haven't kept your bank statements, the bank can provide them but they do charge about $2/statement. I know that with TDWaterhouse statements, if you sign up for e-services online, your past seven years of statements will magically be available. As for GIC's, TD was able to type in the account number and get a printout of the information and didn't charge me for it.


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## deannw (Dec 12, 2011)

*account numbers*

the other thing that bothers me about f bars is the fact that they want all your account numbers i am not very comfortable with that. anyone have any thoughts?


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## Peg (Sep 22, 2011)

deannw said:


> the other thing that bothers me about f bars is the fact that they want all your account numbers i am not very comfortable with that. anyone have any thoughts?


I am not comfortable either and after my last FBAR is done (I renounced last month) I will be changing all of my account numbers and some will also be with a different financial institution.


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## 416 (Sep 20, 2011)

deannw said:


> the other thing that bothers me about f bars is the fact that they want all your account numbers i am not very comfortable with that. anyone have any thoughts?


from here:



> Risk of identity fraud
> 
> Form 8938 provides full disclosure of personal assets and bank account information. It will be filed with the 1040 that details the tax filer’s name, address, phone number and Social Security number, thus putting Americans abroad at high risk of serious identity fraud, in particular, since the IRS is pushing to have all of this reporting done on-line in the near future. James White, director of strategic studies for the GAO, told the House Oversight subcommittee on Government Organization that there were close to 250,000 incidents of taxpayers’ identity theft in 2010, up from just under 52,000 in 2008. This is a five-fold increase in the number of instances in just two years. When 100% of all private financial information is acquired with such identity theft, the potential damage inflicted on Americans overseas will be substantial.


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## Guest (Dec 13, 2011)

Peg said:


> I am not comfortable either and after my last FBAR is done (I renounced last month) I will be changing all of my account numbers and some will also be with a different financial institution.


That's a really good idea Peg! Thanks!!! :clap2:


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## pwdunn (Nov 12, 2011)

deannw said:


> the other thing that bothers me about f bars is the fact that they want all your account numbers i am not very comfortable with that. anyone have any thoughts?


How secure do you think that the privacy measures of the IRS are?

There was an episode of the Sopranos where one of Tony's captains was committing credit card fraud in the restaurant in which the Sopranos regularly ate. Do you think that the crooks at the IRS are able to stop their employees from using your private information for identity theft and/or to steal from your accounts using information technology?

Just for starters:
Your Personal Information - Can the IRS Handle It

And this: http://www.aca.ch/joomla/index.php?option=com_content&task=view&id=457

Risk of identity fraud

Form 8938 provides full disclosure of personal assets and bank account information. It will be filed with the 1040 that details the tax filer’s name, address, phone number and Social Security number, thus putting Americans abroad at high risk of serious identity fraud, in particular, since the IRS is pushing to have all of this reporting done on-line in the near future. James White, director of strategic studies for the GAO, told the House Oversight subcommittee on Government Organization that there were close to 250,000 incidents of taxpayers’ identity theft in 2010, up from just under 52,000 in 2008. xviii This is a five-fold increase in the number of instances in just two years. When 100% of all private financial information is acquired with such identity theft, the potential damage inflicted on Americans overseas will be substantial.

But the US government is an extremely corrupt organization, the most corrupt in scale in the history of the planet.​


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## Guest (Dec 13, 2011)

PetrosResearch said:


> How secure do you think that the privacy measures of the IRS are?
> 
> Just for starters:
> Your Personal Information - Can the IRS Handle It
> ...


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