# BIR To Report to IRS on Bank Accounts



## 197649 (Jan 1, 2013)

BIR To Report to IRS on Bank Accounts of US Citizens Living in the Philippines
Philippines Lifestyle

BIR To Report to IRS on Bank Accounts of US Citizens Living in the Philippines - Philippines Lifestyle


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## jon1 (Mar 18, 2012)

I wonder how many Filipino politicians and Generals will get caught by this?

Probably not many, as this was coming for many months and they probably moved any excessive assets elsewhere...


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## 197649 (Jan 1, 2013)

jon1 said:


> I wonder how many Filipino politicians and Generals will get caught by this?
> 
> Probably not many, as this was coming for many months and they probably moved any excessive assets elsewhere...


Jon your right the only ones who get hurt by this is the retiree who has not done anything wrong except try to make a living. 
I report mine anyway but now those who forget or was unaware of this will get slammed. The IRS is so busy chasing us little guys they just overlook the Jackson or Sharptons of the world


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## jon1 (Mar 18, 2012)

c_acton98 said:


> Jon your right the only ones who get hurt by this is the retiree who has not done anything wrong except try to make a living.
> I report mine anyway but now those who forget or was unaware of this will get slammed. The IRS is so busy chasing us little guys they just overlook the Jackson or Sharptons of the world


You don't have to file the FBAR unless your balance goes over $10,000 at any given time.

Report of Foreign Bank and Financial Accounts (FBAR)

This really shouldn't affect the retiree on a fixed budget as most will never have that much money in an account over here. However, if you need to make a large purchase (house, vehicle), you may get stuck doing that. 

But like you said, the little fish like us get the a*s pain and the big fish just move on with their teflon scales....


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## galactic (Dec 2, 2014)

RCBC started reporting to the BIR and BIR to IRS since two years ago.
The thing is if you're close with the bank the managers they inform you in advance.


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## bidrod (Mar 31, 2015)

jon1 said:


> You don't have to file the FBAR unless your balance goes over $10,000 at any given time.
> 
> Report of Foreign Bank and Financial Accounts (FBAR)
> 
> ...


Just to clarify, it is not $10,000 per account that triggers the requirement for filing. If you have multiple accounts that total $10,000 or more you are required to file, this includes PHP and foreign currency accounts.


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## jon1 (Mar 18, 2012)

bidrod said:


> Just to clarify, it is not $10,000 per account that triggers the requirement for filing. If you have multiple accounts that total $10,000 or more you are required to file, this includes PHP and foreign currency accounts.


This is correct. Which makes you wonder, what if you had multiple accounts in several countries and you exceeded the threshold, how would the banks know to report to the IRS?


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## Asian Spirit (Mar 1, 2010)

jon1 said:


> This is correct. Which makes you wonder, what if you had multiple accounts in several countries and you exceeded the threshold, how would the banks know to report to the IRS?


If I'm not mistaken, all banks in all countries that allow US citizens to have a bank account are required to report no matter the amount in any given account.


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## bidrod (Mar 31, 2015)

jon1 said:


> This is correct. Which makes you wonder, what if you had multiple accounts in several countries and you exceeded the threshold, how would the banks know to report to the IRS?


The reporting to IRS is done by SSAN not by name. At least when we filed the paper work with BDO I had to verify/provide my SSAN. Would think any other country that is complying would require the same information. So should be very simple to know how much would be in these accounts. Now my question is my wife(Filipina) has accounts in her maiden name, would these show against my/our USA income tax since we file jointly?


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## jon1 (Mar 18, 2012)

bidrod said:


> The reporting to IRS is done by SSAN not by name. At least when we filed the paper work with BDO I had to verify/provide my SSAN. Would think any other country that is complying would require the same information. So should be very simple to know how much would be in these accounts. Now my question is my wife(Filipina) has accounts in her maiden name, would these show against my/our USA income tax since we file jointly?


For you to file jointly, she will need an ITIN General ITIN Information as she does not qualify for a SSAN unless she is a US Citizen. As a foreign spouse, she does not need to file under FBAR as she is not a US Citizen. So her accounts are not under the FATCA reporting requirements and she is not earning any money in the US. She does have to comply with her home country tax laws on any income earned in the Philippines.

Do not quote me on this, I am not a CPA and this is my layman's interpretation of the guidelines put forward.


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## bidrod (Mar 31, 2015)

She already has received her ITIN.


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## 197649 (Jan 1, 2013)

jon1 said:


> For you to file jointly, she will need an ITIN General ITIN Information as she does not qualify for a SSAN unless she is a US Citizen. As a foreign spouse, she does not need to file under FBAR as she is not a US Citizen. So her accounts are not under the FATCA reporting requirements and she is not earning any money in the US. She does have to comply with her home country tax laws on any income earned in the Philippines.
> 
> Do not quote me on this, I am not a CPA and this is my layman's interpretation of the guidelines put forward.


Here is the answer IRS FBAR REFERENCE GUIDE


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## 197649 (Jan 1, 2013)

bidrod said:


> She already has received her ITIN.


Sir just add her in part II of the FBAR if she is a joint account holder. 
I've done this for 2 years its not painful and I have never been questioned. But the money received was from VA it was not foreign earned income


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## EuroBob (Feb 23, 2015)

jon1 said:


> For you to file jointly, she will need an ITIN General ITIN Information as she does not qualify for a SSAN unless she is a US Citizen. As a foreign spouse, she does not need to file under FBAR as she is not a US Citizen. So her accounts are not under the FATCA reporting requirements and she is not earning any money in the US. She does have to comply with her home country tax laws on any income earned in the Philippines.
> 
> Do not quote me on this, I am not a CPA and this is my layman's interpretation of the guidelines put forward.


I am a layman in this matter also, but....typically, the IRS is concerned with accounts which you have your name on. So, if you and your wife have a joint account, I think the IRS would be interested and want you to report it. If your wife has the account only in her name, then since she is not a U.S. citizen, your wife's account is not the concern of the IRS.

I just saw C_action98's response which includes a link. That response should be a better source of info.


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## bidrod (Mar 31, 2015)

My Asawa does not work so no problem with PI taxes. Later this year or early next year we plan to pay off our mortgage and would end up with about 700K php on hand. Thinking of putting the majority of the money in her individual account which is in a different bank than our joint account. The money has already been taxed by the USA.


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