PUBLIC SUBMISSION

As of: 1/19/21 2:45 PM
Received: January 15, 2021
Status: Non_Public
Tracking No. 1k5-9l8p-k4ye
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-0088
Comment on FR Doc # 2020-25216


Submitter Information

Name: Anonymous Anonymous
Address:

308-151
Toronto,  Ontario,  Canada,  M5V4B2

Email: adam@seliski.ca
Phone: 6473305658

General Comment

FinCEN Report 114 appears to be duplicative to US citizens living abroad in light of the Foreign Account Tax Compliance Act ("FATCA"). As a US citizen and Canadian permanent resident living and working in Canada, I have already had to provide an Internal Revenue Service ("IRS") Form W-9 to my Canadian bank for my chequing, savings, and investment accounts. My Canadian bank would not open a bank account for me unless I provided a properly completed IRS Form W-9. Once my husband and I were married, we combined all of our accounts into joint accounts. Our bank required that we complete new IRS Forms W-9, even though the information contained in the subsequently submitted IRS Forms W-9 had not changed from the previous IRS Forms W-9 that our bank already had on file for both of us. I understand that completing IRS Form W-9 allows for banks to identify customers that are US citizens. And based upon the self-identication via IRS Form W-9, banks are able to identify US citizens' banking information that is required to be transmitted to the IRS. These processes are necessary in order for foreign banks to comply with FATCA and any intergovermental agreements. However, given that foreign banks are required to transmit mine and my husband's account information to the IRS, and most of the information transmitted is the similar to the information we are required to provide on FinCEN Form 114, it seems that the information required to be provided is already in the hands of the Department of Treasury, albeit different agencies. Therefore, different burdens are being placed on foreign banks and US citizens with foreign bank accounts, but, the information being transmitted to the Department of Treasury is similar and possibly duplicative. My recommendation would be to stop requiring US citizens from completing FinCEN Report 114, for bank accounts in countries whose banks are complying with FATCA. If there is an issue between FinCEN and the IRS accessing that information, the Secretary of Treasury should address this issue by regulation or with Congress in order to relieve US citizens with foreign bank accounts from providing information that should be in possession of the Department of Treasury's databases.