[Bevdeforges]

For those of you looking to get ahead of things this year: the FinCEN site is ready to accept your FBAR reports for 2015. Individuals Filing the Report of Foreign Bank and Financial Accounts (FBAR) (for individuals)

One added feature this year is that there is an online form - you don't need to have Adobe Reader - for filling out and filing your FBAR. This online version works with a browser (take a look at the system requirements - seems to be just Chrome, Firefox and IE, and fairly recent versions) and doesn't store the information on your system. (It does allow you to print off a copy of what you've filed.)
Cheers,
Bev

 

[serenaismusing]

FBAR amend?

Hello,

I think i have made a mistake on my fbar. This is the first time I have tried to do one for a single year (2015) - last time i did the streamlined filing for all 6 years. I think i have misunderstood the instructions for which accounts you need to include....I thought it you only needed to provide details for any account with more than $10,000 at any time in the year. But having pressed the submit button i now read it says 'aggregate value' $10,000 - so does that mean all of my foreign bank accounts as the total adds up to more than $10,000?

if the later is the case - i'm not sure what to do next. I have had the confirmation email to say my submission has been accepted. Do i need to wait for the BSA ID number and then try to amend - is it important i do that? and how do i do that? :confused2:

If anyone can help i'd be so grateful!

 

[DebbyL]

Thank you!

Hey,
The form is exactly the same as last year, would it be ok to use last year's form, changing the date & amounts for this year? Or would that not be accepted? I went through & did that, saved & signed... just need to send, but started wondering if it would be accepted, as the properties shows a different creation date.
Thanks,
Debby

 

[Bevdeforges]

Hey,
The form is exactly the same as last year, would it be ok to use last year's form, changing the date & amounts for this year? Or would that not be accepted? I went through & did that, saved & signed... just need to send, but started wondering if it would be accepted, as the properties shows a different creation date.
Thanks,
Debby

The form is the same every year (until and unless they make changes) - but you need to fill out a new form each year and enter the appropriate year in the form itself. Once you have signed and saved a form for filing, however, you can't just go back in and edit it for filing the next year.
Cheers,
Bev

 

[DebbyL]

The form is the same every year (until and unless they make changes) - but you need to fill out a new form each year and enter the appropriate year in the form itself. Once you have signed and saved a form for filing, however, you can't just go back in and edit it for filing the next year.
Cheers,
Bev

I have it saved on my computer & just clicked unsign then saved as a different name, worked fine. :confused2:

 

[ForeignBody]

I have it saved on my computer & just clicked unsign then saved as a different name, worked fine. :confused2:

That's what I did also. It saves having to re-type all the static information like personal details and the names and addresses of financial institutions. Just change the year and figures and you're done!

 

[DebbyL]

That's what I did also. It saves having to re-type all the static information like personal details and the names and addresses of financial institutions. Just change the year and figures and you're done!

Thanks for that. No problems then? I can't see why it would be a problem. In fact its much safer for me to be doing this, so easy to make mistakes when you have to keep putting in the same info.

 

[BBCWatcher]

If you do that, did you copy the file first, then modify the copy? It'd certainly be nice to maintain an archival copy of your previous filing.

 

[ForeignBody]

If you do that, did you copy the file first, then modify the copy? It'd certainly be nice to maintain an archival copy of your previous filing.

I save a PDF copy (Version 1) then I electronically sign it and save it under a different name (Version 2)

Version 2 is my archive copy of what I submitted.

Version 1 is available the following year to amend as necessary and repeat the process.

Of course it all works fine until they change the form!

 

[amphitecna]

I have it saved on my computer & just clicked unsign then saved as a different name, worked fine. :confused2:

This strategy worked just fine for me, too. AND made the whole thing much less painful (but still not painless....). So thanks for posting it!

Taxes done. Now off for a drink.

 

[DebbyL]

Yes, definitely save the copy as a different name & leave last year's copy unchanged. Works till they change the form, I guess.

 

[USExpat777]

Hi Bev or anyone else who knows,

Just checking if the new deadline for 2016 FBARs of April 15, 2017 is for everyone, or can it still be end of Jun for expatriates? Has the deadline changed for the normal overseas tax filings, or is expatriates' deadline still June?

 

[Bevdeforges]

Oops, I guess it's about time I put together a sticky for 2016 filings. Give me a couple of days on this - the IRS Free File Fillable section doesn't open up online until next Monday.

But according this this page of the IRS site https://www.irs.gov/businesses/smal...t-of-foreign-bank-and-financial-accounts-fbar the deadline for filing FBARs is April 15th with no extensions allowed. (Of course this is mentioned almost casually three-quarters of the way down the page.)

Will look into this as I pull together the new tax filing info for the sticky.
Cheers,
Bev

 

[KristenJune]

Has the IRS published its 2016 average currency conversion yet? I keep looking on its site but cannot find it.

Unable to complete my FBAR until I know what rate to convert GB to $.

 

[Bevdeforges]

You don't have to use the IRS "official" rate (which is actually an average for the year, I think it is). They have apparently not yet updated the table of exchange rates on the IRS site https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates but you will note that on that page it states:

The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently.

Cheers,
Bev

 

[ForeignBody]

Has the IRS published its 2016 average currency conversion yet? I keep looking on its site but cannot find it.

Unable to complete my FBAR until I know what rate to convert GB to $.

For the FBAR you use (as per the instructions) the Treasury Rate of Exchange which is here:

https://www.fiscal.treasury.gov/fsreports/rpt/treasRptRateExch/currentRates.htm

 

[KristenJune]

Thanks. Will get on with it then.

 

[KristenJune]

For the FBAR you use (as per the instructions) the Treasury Rate of Exchange which is here:

https://www.fiscal.treasury.gov/fsreports/rpt/treasRptRateExch/currentRates.htm

This does not show the annual average rate of exchange, only the last month of the year.

quote...The quarterly report as of December 31 will reflect exchange rates reported by disbursing officers as of November 30.

 

[Bevdeforges]

I also note that particular source is labeled: These rates are not meant to be used for foreign currency conversions by the general public.

Frankly, they seem to accept the use of any generally accepted public listing of exchange rates, like the ones you'll find on the websites of many exchange services (FX services) or major banks or the IRS list of currencies (if and when they get around to updating it for 2016). They don't actually compare what you report to the balances in the actual currency - and because there is no penalty for over-reporting, what many folks do is to make a good faith estimate, then add $5000 or $10,000 to that, "just to be sure."
Cheers,
Bev

 

[ForeignBody]

This does not show the annual average rate of exchange, only the last month of the year.

quote...The quarterly report as of December 31 will reflect exchange rates reported by disbursing officers as of November 30.

For FBAR, as per the instructions you take the maximum sum in the account in local currency for the year and convert that to USD using the December 31 exchange rate as published.