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    calIndian's Avatar
    calIndian Posts: 1, Reputation: 1
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    #1

    Aug 1, 2011, 11:09 AM
    Employer Managed pension reportable on FBAR
    Are Employer managed Pension accounts (with a foreign employer) reportable on FBAR.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 2, 2011, 08:50 AM
    Probably not, but to be sure, you can email me at [email protected] and engage me to do the research for a fee.

    OR

    Go to the FBAR instructions, extract the phone number for the FBAR information hotline, call them and ASK!
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
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    #3

    Aug 9, 2011, 10:24 AM
    I agree that an employer managed pension account (with a foreign employer) may not be reportable on the FBAR. However, because the penalties for failing to file the FBAR can be so great, when in doubt report the account.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Aug 9, 2011, 10:29 AM
    IntlTax makes a good point.

    If you can report the account information in a timely manner and thus NOT be liable for possible penalties by the IRS for late reporting, then, by all means, report the information. Such pension plans are NOT liable for income tax under current law, so there is no financial consequences for reporting the accounts.

    However, if you are talking about assets in past years (which NOW includes 2010), submitting those FBARs late could result in IRS penalties, though that IS unlikely.
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