I have a tendency to make the same mistake every year. I take in a pile of disorganized receipts and numbers to someone who will be helping me do my US taxes. It is usually about this time that I get to\u00a0hear about yet another new requirement or a changing of the rules and then I think \u201cIRS you rotten bloobity blabity group\u201d.<\/p>\n
I should really be thinking you \u00a7$%&\/%$ elected politicians who have been lobbied either externally or internally about changing the rules to make sure that some innocent freebie does not go untracked.<\/p>\n
This year while providing a stack of information I received the question about the \u201cForm 8938 (Statement of Specified Foreign Financial Assets).\u201d Huh?<\/p>\n
This filing requirement would be triggered if you had \u201cspecified foreign financial assets\u201d in an amount greater than 200,000 on the last day of the year (12\/31\/14) or more than 300,000 at any time during the year.<\/p>\n
This was probably brought up by those kind people who decided we should be filling out the Foreign Bank and Financial Accounts (FBAR)<\/a> report. \u00a0It is a wonderful little form that lists the name, address, bank account details, and your personal details – for every single account you have access to. \u00a0Oh, just to make it really series, did we mention the penalties.<\/p>\n For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation…<\/p><\/blockquote>\n Perhaps the blame shouldn’t be put at the feet of the Internal Revenue Service but rather the politicians. \u00a0Yet at tax time, it is hard to make the distinction.<\/p>\n","protected":false},"excerpt":{"rendered":" I have a tendency to make the same mistake every year. I take in a pile of disorganized receipts and numbers to someone who will be helping me do my US taxes. It is usually about this time that I … Continue reading