PUBLIC SUBMISSION

As of: 1/19/21 12:15 PM
Received: January 15, 2021
Status: Non_Public
Tracking No. 1k5-9l8j-ldyh
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-0070
Comment on FR Doc # 2020-25216


Submitter Information

Name: Laura Messer

General Comment

FBAR reporting rules are onerous for long-term residents outside USA territory. Long-term residents of other countries who are filing taxes outside of the USA, like dual citizens and permanent residents abroad, should be exempt from FBAR reporting. FBAR reporting should be solely for USA residents. Also, the reporting threshold does not seem to have been updated in decades. $10K is very low for a middle class person with moderate savings. The threshold should be increased significantly and indexed to inflation yearly!