PUBLIC SUBMISSION

As of: 1/14/21 1:22 PM
Received: January 12, 2021
Status: Non_Public
Tracking No. kju-qwn5-kg0s
Comments Due: January 15, 2021
Submission Type: Web

Docket: FINCEN-2020-0013
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reports of Foreign Financial Accounts Regulations and FinCEN Report 114, Report of Foreign Bank And Financial Accounts

Comment On: FINCEN-2020-0013-0001
Agency Information Collection Activities; Proposals, Submissions, and Approvals: Renewal Without Change of Reports of Foreign Financial Accounts Regulations and FinCEN Report 114, Report of Foreign Bank and Financial Accounts

Document: FINCEN-2020-0013-DRAFT-0018
Comment on FR Doc # 2020-25216


Submitter Information

Name: Julie Beyers
Address: Australia, 
Email: julie.beyers@spglobal.com

General Comment

This significantly underestimates the burden of US citizens who permanently reside in another country. Accounts come in all different forms - retirement, savings, etc. Not all countries produce statements in a form that make it easy to determine the highest daily balance based on the US tax year. Exporting documents/sorting in excel or doing the whole thing manually is very time consuming - and this needs to be done for each account. There should be a “same country” exception - meaning accounts in your country of permanent residence should be exempt from this obligation.