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hello robert hello today we're talking about common f bar mistakes and i want to thank you for coming down to help because i know you might be a little busy this time of the year a little bit a little bit but we'll be quick so f bar to go over the basics it's the foreign bank account report reporting requirement for certain foreign financial accounts right so it's not a tax form it's a reporting form correct okay so what's the due date this year and next year this year the due date is the traditional due date which is June 30th okay next year is the first year that the due day is switching to April 15th okay with that you can get an extension mm-hmm like you could for your normal taxes kind of the IRS has kind of brought this into their normal kind of due date filing stuff the June 30th date is kind of an old anachronism before the IRS really took hold and took charge of the stuff okay so June 30th no extensions but then next year with April 15th yes to extension yes got it all right mistake number one failure to file I mean we have a lot of clients that are just simply unaware that this even exists that's correct it's not well advertised from speaking with clients and even potential clients NOAA immigration talks to you about this stuff there's no like two-minute video a little pamphlet or a flyer and most CPAs most tax attorneys enrolled agents preparers they didn't really know about the stuff until became really ceiling a few years ago with the passage of FATCA got it and we know that a lot of the software that you can use doesn't even mention f bars normal folk now do you have to file this once like if you have foreign accounts do you file it once in you're all set or do you do it every year it's a yearly requirement even if the same account is open from year to year even the same account doesn't have a change in the funds in it at all every year every count needs to get reported it's a pain in the ass alright mistake number two misunderstanding the ten thousand dollar filing threshold yes it's not a account by account right that is your that is correct it's a ten thousand dollar in aggregate threshold so if you have one account that's ten thousand dollars you report it you have two accounts that add up to ten thousand dollars you report all of the accounts even the accounts have ten thousand or is it and one dollar they all get reported okay so an F bar for the 10,000 dollar account and a bar for the $1 correct Wow as long as everything adds up to over $10,000 and I don't know how long that $10,000 fresh hold has been around my census has been around for many many years it's not like it's being adjusted for inflation or anything like that so they could have eventually changed that without telling us what you like to do yeah mistake number three not including non bank account accounts correct like what I'm thinking life insurance superannuation funds which are like a state mandated private pension private retirement account countries like Australia do that a lot these are retirement accounts like as a state mandated but they have an account number they have your name on it as opposed to US Social Security which is a pooled investment where you're paying into every year but there is no set of funds in an account with your name on it so superannuation funds life insurance policies trusts or their pension other retirement accounts IRAs things like that that a lot of us don't think of as bank accounts that's the stuff that a lot of people who have been doing the raft bars every year will also leave off because they didn't make that connection right and then even accounts that you only have signatory authority on that is correct if you are on an account as a power of attorney it's often called another country signatory Authority I just like a my father needs me on the account too just in case something happens that still creates an F power requirement for you Wow all right mistake number four money from another person in your account doesn't need reporting or vice versa right so sometimes the way the rules are written it may actually be that if you have money in someone else's account and it goes over $10,000 that account may also need reporting it sometimes it's a little unclear but in the in the inverse if someone else's money is in your account or you're on an account where it's really not your money like the signatory Authority or even a joint account sometimes dad just has you at a joint instead of signatory yeah and it's not your money technically you know this is dad's money he sold the business it was his it's for his it's for his use and enjoyment I might inherit it 10 20 years now whatever but that still has a requirement for you even if it's not you were funds with as long as your names on the account that's what that's what the main factor is good to know and number five I don't know how often you've seen this I just wanted to include it because I thought it was funny miners have to file at bars yes so two three four years old if they get an inheritance that's right you think Nana and pop up are doing a nice thing and you know putting a nice little trust fund away back you know back in Italy for for their for their grandson yeah grandchild and that creates an fr requirement there's no there's nothing in the law that has an age cutoff Wow obviously if the child can't file it then their child's parent or guardian would have to do it we're not looking for four-year-old scribble right but there should be an F bar filled out for those accounts there should be enough are all right so quickly if you realize you've made any of these mistakes number one can you amend your f bar and number two should you I can you yes you can you can go back and just straight up a minute at the F bars themselves oftentimes people want to do that through one of the disclosure programs with the IRS there's the full o BD P program which we're in the third version third or fourth version depending on how you count it and if that one is maybe a little too much for you you were non willful you could try the streamlined programs that's the Sturm domestic program this one on foreign program in both of those situations you have to show with the signed statement under penalty of perjury that you were non willful and you have to put out your facts and circumstances that way and you can amend or just file look completely unfiled in delinquent F bars through those programs got it all right well again thank you for coming down Robert we appreciate it if you have any questions you can comment below you can also like us and subscribe to our channel for more awesome tax updates thanks for watching IRS medic the Law Offices of parent and parents LLP real tax attorneys for tough tax problems