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.

 

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

 

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.

 

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

 

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!