Just as a reminder it is coming up on time to submit your FBAR, if you have a non-US bank account. There are other more extended rules for financial holdings outside the US. The following link covers all of this.

https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

In case there are any newbie expats reading this:

• An FBAR is not filed with your income taxes. It is a separate report that goes to a different governmental agency other that the IRS.
• An annual report is due by April 15th.
• There are potential penalties if one forgets to do this.
• One of the entries on the form is the high value of your bank account during the year expressed in USD. I usually wait until February, when the IRS daily exchange rates for the prior year are released as I hold my Thai Bank Account in THB.
• This is not a difficult form to complete. It usually takes about 10 minutes to complete the online submission, providing you have your info ready. (not much to that - just your high value and year end value as I recall).

Some thanks to @forcebwithu who coached me a bit on this a few years back.

I really do not understand the value at a governmental level of having to do this. I suspect they are looking for any emerging Pablo Escobars.

   

Edited January 26, 20251 yr by ChiFlyer

6 hours ago, ChiFlyer said:

Just as a reminder it is coming up on time to submit your FBAR, if you have a non-US bank account. There are other more extended rules for financial holdings outside the US. The following link covers all of this.

https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

In case there are any newbie expats reading this:

• An FBAR is not filed with your income taxes. It is a separate report that goes to a different governmental agency other that the IRS.
• An annual report is due by April 15th.
• There are potential penalties if one forgets to do this.
• One of the entries on the form is the high value of your bank account during the year expressed in USD. I usually wait until February, when the IRS daily exchange rates for the prior year are released as I hold my Thai Bank Account in THB.
• This is not a difficult form to complete. It usually takes about 10 minutes to complete the online submission, providing you have your info ready. (not much to that - just your high value and year end value as I recall).

Some thanks to @forcebwithu who coached me a bit on this a few years back.

I really do not understand the value at a governmental level of having to do this. I suspect they are looking for any emerging Pablo Escobars.

   

Not needed if you have not had 10k in non US accounts. But of course if you are using money in the bank for extension it needs to be done. I do mine early Jan to be done with it as you say fast and easy really