My own wife was in charge of making sure no US citizen got past first base when hiring in Prague, this after the company learned the hard way, in Belgium, that US citizens are a whole bunch of trouble.
I have a foreign account and the financial institution transferred the account to a different institution. It's the same account number but different company name and address and I now have no access to the old account at the previous institution, how do I report on this years FBAR? Do I need to mark as one account closed, then a new account(with the same number) opened? Or do I just list the account same as last year's report except with a different financial institution name and address? I had no say in the transfer of the account and neither did I sign any new account opening documents.
Bit of a nightmare, but at least the potential penalties seem to have dropped. Somebody told me that FBAR was simple, but I have thought of several scenarios where people can easily be caught out and in come huge penalties. See an expert, should only cost you $500 an hour. 😞
As things are $40,000 vs $4.2 mill is definitely a better outcome. But crazy about the Signatory Authority, hence why I had to separate from former foreign business partner.
My own wife was in charge of making sure no US citizen got past first base when hiring in Prague, this after the company learned the hard way, in Belgium, that US citizens are a whole bunch of trouble.
Naples, Florida. My home town 🎉
I have a foreign account and the financial institution transferred the account to a different institution. It's the same account number but different company name and address and I now have no access to the old account at the previous institution, how do I report on this years FBAR? Do I need to mark as one account closed, then a new account(with the same number) opened? Or do I just list the account same as last year's report except with a different financial institution name and address?
I had no say in the transfer of the account and neither did I sign any new account opening documents.
Bit of a nightmare, but at least the potential penalties seem to have dropped. Somebody told me that FBAR was simple, but I have thought of several scenarios where people can easily be caught out and in come huge penalties. See an expert, should only cost you $500 an hour. 😞
One keeps their A$$ and their Money where they perceive. there is green grass.
As things are $40,000 vs $4.2 mill is definitely a better outcome.
But crazy about the Signatory Authority, hence why I had to separate from former foreign business partner.
Confiscation is every other penalty imposed.
Why? R U Jesting?