Who Does FBAR Think I Am?

Who Does FBAR Think I Am?

Post by Superdav » Thu, 10 May 2012 21:47:23

Who Does FBAR Think I Am?

Your Story For decades the IRS has told us that it is necessary to keep records of personal income
tax filings for three to five years. Now comes the FBAR from Treasury telling me I have to report in
huge detail back eight years. Vast and gloomy and dire are the threatened consequences if I don't.
Promises of fines over $10,000 etc.

Excuse me, I am a 75 year old retired English teacher living with my Japanese wife in the
Philippines, in a small apt in a beach town.With my Social Security checks, less then one thousand a
year in book royalties and occasional allowance from my wife's family, we live on maybe $15,000 a
year.

Is FBAR going to run around prosecuting persons like me. spending great sums to do so, who cannot
possibly pay the threatened fines? There are thousands of retired ex USA servicemen retired in the
Phils, and Thailand, who I would bet have never heard of this program, or who have no clue about it.
That they are possible suspects in money laundering or financial wizardry is a laugh.

Country of Residence Philippines

Voting State Texas