Previous versions of this form required only that you designate whether your accounts were in particular $ ranges. The new version wants the highest balance reached for each account during the year.
Ignoring the fact that this is a royal pain - is this really what they want to see? For example if I have two accounts and transfer $50K from one to the other am I really supposed to report that I had two accounts each of which had $50K in them? The result makes it look like I have double the amount of $ that I really have. It is hard to believe (even taking bureaucracy into account) that such misleading numbers are useful to anybody.
On a related issue - I cannot find a "real" mailing address for the forms (only a post box which couriers will not accept). Or is the deadline date the posting date, in which case the address is moot.
Any assistance welcomed. I'd truly love to believe that these forms don't really matter - but after having been "fined" by CRA for faiiure to file the Canadian equivalents I'm not inclined to take any chances with the IRS who tend to be even nastier.
2009 Version of FBAR (TD F 90-22.1)
Moderator: Mark T Serbinski CA CPA
This is a reporting mechanism, nothing else. It doesn't matter how many accounts you had, list them. If they each had a $million for one day, so be it.
But if you notice the instructions, they do say that you can use the statement balance if you get monthly or quarterly statements, if that makes you feel better.
And send it regular mail.
But if you notice the instructions, they do say that you can use the statement balance if you get monthly or quarterly statements, if that makes you feel better.
And send it regular mail.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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Partner400
- Posts: 3
- Joined: Sun Jun 28, 2009 2:22 pm
Thanks
OK - thanks.
I would love not worry about it but having been dinged by both CRA and IRS for failure to file forms I didn't know existed ... well I'm just nervous i guess.
I had to laugh when I read in your comment "notice the instructions" - I'm delighted that someone can understand the "instructions" that the IRS supply - but I'm darned if I can make sense of most of them. Actually I fall asleep before I get to the end of most of them.
I would love not worry about it but having been dinged by both CRA and IRS for failure to file forms I didn't know existed ... well I'm just nervous i guess.
I had to laugh when I read in your comment "notice the instructions" - I'm delighted that someone can understand the "instructions" that the IRS supply - but I'm darned if I can make sense of most of them. Actually I fall asleep before I get to the end of most of them.