Are the FBAR regs fit for purpose – FinCEN wants to know by next Friday

FinCEN, the U.S. Treasury Department bureau that's responsible for overseeing the receipt of Foreign Bank Account Reports, is inviting comments "on the proposed renewal, without change, of existing information collection requirements concerning reports of foreign financial accounts and... Report[s] of Foreign Bank and Financial Accounts (FBAR)".

  • Tax

FinCEN changes FBAR deadline again (updated) – it's now Oct. 31

The U.S. Financial Crimes Enforcement Network has quietly removed from its website its surprise announcement, posted Oct. 14, that the final deadline for  Foreign Bank Account Report (FBAR) filings had been moved to Dec. 31, from Oct. 15.

Instead, it has clarified that the extended Dec. 31 FBAR filing deadline applied only to "victims of recent natural disasters", such as "victims of the California wildfires, the Iowa Derecho, Hurricane Laura, the Oregon wildfires, and Hurricane Sally".

But it has nevertheless now moved the deadline for everyone else back to Oct. 31 – in other words, extended it by two weeks.

  • News

What visitors to the U.S. should know about the secretive Mr. FBAR

The introduction of the Foreign Bank Account Report (FBAR) requirement in 1970, as a result of the Bank Secrecy Act of that year, may well be one of the most enduring legacies of the Nixon administration, says John Richardson, a Toronto-based lawyer who helps Americans with citizenship issues. Here, he reveals a little-known aspect of what the fine print of the FBAR legislation actually says, with respect to non-Americans who travel to the U.S., and who happen to have bank accounts back home...

FBAR deadline pushed back to Dec. 31; What the FBAR is, and why it matters

Editor's note: The news about the date when FBARs for the year ending on Dec. 31, 2019 are due has changed.
Please see our most recent report on this subject.

As U.S. tax experts will tell you, today, Oct. 15, is the extended deadline for all U.S. expats to have their 1040 tax returns filed; and, until yesterday, it was also "FBAR Day." Which is to say, the day when FBARs for the year ending Dec. 31, 2019 were also due. 

As of yesterday, though, FBAR Day has been pushed back to Dec. 31, 2020, according to a notice posted on the website of the Financial Crimes Enforcement Network, which oversees FBARs, (even though the IRS handles tax returns).... 

  • News

Record penalties sought in California in latest major FBAR case

The U.S. Internal Revenue Service is seeking what is said to be a record US$119.6m in penalties over what it has claimed in California district court documents were violations of the FBAR regulations, which require Americans to disclose their overseas financial accounts above a certain amount each year.

  • Tax

Events listing

The American Expat Financial News Journal's regular listing of events taking place around the world, and online, for American expatriates.   

Wednesday, Jan. 20: Dunhill Financial-sponsored Zoom webinar on 'How to Advise American expats (in a tax-compliant manner'); 2:30pm (GMT)

Dunhill Financial, the London-based advisory firm specializing in helping American expats, is presenting this webinar to held other expat advisory firms to look after American clients who live outside of the U.S., and who, as a result, are typically subject to myriad issues affecting the way they are taxed, must hold their investments, and report their investments and bank account details.

Such expats, Dunhill Financial points out in its information on the scheduled webinar, often struggle to find advisers willing to have them as clients, let alone advisers who know what's best for them.

This webinar, which is set to begin at 2:30pm GMT (3:30pm CET, (:30am EST), will cover the basics of FATCA (the Foreign Account Tax Compliance Act, of 2010); double-tax treaties; how American expats can make use of hedging strategies; IRAs, 401Ks and other pension plans; estate planning; and what PFICs are, and why Americans are advised to avoid them. Dunhill Financial's investment product, which is made available through Australia's listed financial platform giant, Praemium, will also be discussed.

To participate in this webinar, register in advance by clicking here. Once you've registered, you'll receive a confirmation email containing the information you'll need to join the meeting on the day. 

Dunhill Financial was founded in 2011 by Florida native Brian Dunhill, who now lives in the UK. Today the firm looks after clients around the world. Dunhill Financial is regulated by the U.S. Securities and Exchange Commission, and is still the only SEC-regulated member of the Federation of European Independent Financial Advisers, which it joined in 2016. 

Thursday, Jan. 21: 'Free tax webinar' sponsored by The American Citizens Abroad, in association with Amsterdam's Americans Overseas 

U.S. tax issues, and the latest political and tax-related developments in Washington that affect or could affect expat Americans will be among the topics addressed in a free ACA and Americans Overseas webinar on Thursday, Jan. 21. 

Among the scheduled speakers will be ACA executive director Marylouise Serrato, and Michael Littaur of Americans Overseas, a tax and citizenship advisory firm that is also active in advocating on behalf of accidental Americans resident in the Netherlands.  issues having to do with the US$1,200 CARES Act check and the subsequent, additional US$600 stimulus payments.

Issues having to do with the US$1,200 CARES Act check and the subsequent, additional US$600 stimulus payments will also be discussed. Serrato and Littaur's presentations will be followed by a live, 30-minute Q and A session. 

The event will begin at 9am Eastern Standard Time in the U.S., making it 2pm in the UK and 3pm in Central Europe, and run for about an hour.

Advance registration is required, and since the number of those who can participate is limited, the ACA recommends those interested in the webinar to do so soon.

To register, click here.

Wednesday, Jan. 27: 'North American Expats in France – Financial Forum': Dunhill Financial-sponsored Zoom webinar; 5pm to 6pm (GMT, 6pm to 7pm Paris time)

The unique challenges facing "North American expats" currently living in France will be the subject of this hour-long Zoom webinar, being sponsored by Dunhill Financial, the London-based advisory firm which specializes in helping American expats.

More details on the topics set to be discussed, and the names of those who will be participating in the webinar, will be posted closer to the time. 

For more information and to register, click here. 

Wednesday, Feb. 3: Dunhill Financial-sponsored Zoom webinar on 'Estate Planning for American Expats'; 2:30pm (GMT)

Estate planning when you live abroad, if you're American, is very different than when you're living Stateside. To learn just how different, and what Americans living abroad should and shouldn't be doing with their money, Dunhill Financial will be talking to Guillaume Grisel of Bonnard Lawson, the Switzerland-based international law firm Geneva-based, Swiss law firm.   

For more information and/or to register, click here.

 

 If you have an event you'd like to list here, please contact This email address is being protected from spambots. You need JavaScript enabled to view it.. 

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Opinion

AXFNJ webinar: How U.S. citizenship taxation has impacted one British lawyer, his family, and other countries' sovereignty

AXFNJ webinar: How U.S. citizenship taxation has impacted one British lawyer, his family, and other countries' sovereignty

John Richardson's latest podcast guest is, like Prince Harry, a British citizen who fell in love with, and married, an American.   Unlike the prince, however, "Peter", a retired solicitor, didn't return...

Jan-06-2021