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Question on FBAR and FATCA amendment proposals

Asked Jul 23, 2012, 07:31 PM — 2 Answers
Hi
I heard some proposals are ongoing to raise FBAR threshold to more than 10 k in future,because the limit has never been revised.

Is this true?I am curious because honestly the 10 k limit for aggregate foreign accounts sounds too low to me.Please feel free to share your thoughts

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AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,866, Reputation: 3723
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#2

Jul 24, 2012, 06:57 AM


While I agree that the FBAR threshold of $10K is absurdly low, this is the first I have heard of any proposal to raise the threshold.

It is my hope that the new FATCA requirement for Form 8938, with its $50K threshold, will eventually replace the FBAR.

Note that it will literally take an act of Congress to either raise the FBAR threshold or replace it with FATCA. Do NOT hold your breath!
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taxesforaliens's Avatar
taxesforaliens Posts: 607, Reputation: 563
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#3

Jul 24, 2012, 10:46 AM
I share AtlantaTAxExperts opinion.
Having form 8938 and the FBAR seems too much.
But anyway, since there are no taxes involved with filing these forms, it doesn't really matter to me. Also, the FBAR form can be filed electronically since last year, so that makes it a little easier.

Quote:
Originally Posted by somu_banerjee View Post
Hi
I heard some proposals are ongoing to raise FBAR threshold to more than 10 k in future,because the limit has never been revised.

Is this true?I am curious because honestly the 10 k limit for aggregate foreign accounts sounds too low to me.Please feel free to share your thoughts
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