PUBLIC SUBMISSION

As of: 1/15/21 11:04 AM
Received: January 15, 2021
Status: Non_Public
Tracking No. kjx-v0kb-e9qy
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-0033
Comment on FR Doc # 2020-25216


Submitter Information

Name: Anonymous Anonymous
Email: regulations.gov@sekretgarden.co.uk

General Comment

1) 10,000 is an absurdly low bar.
2) Filing the FBAR is time consuming and expensive for your average citizen, and creates some major limitations in employment opportunities and also in relationships - companies and people that are not American do not want to share their information with the US government. If I marry, my non-American husband would then have to disclose his financial affairs to the USA. What business is it of theirs what a non-citizen does? Ive had jobs refused because of the financial/regulatory implications of hiring an American. Ive been refused a mortgage, and a basic checking account for the same reason. Im a middle aged IT guy, not a criminal. As an expat living in the Netherlands with no intent to return, I need to be able to do my banking here, and banks are refusing to do business with Americans. This makes very basic things for expats living a normal, legal life very difficult! What this regulation considers "foreign accounts" are only what we need for our daily normal lives!
4) Expats who do not plan to return to the USA are surrendering their citizenships because of the complications and implications of this regulation on their pensions, retirement savings, etc. Surely this is an undesirable outcome?
5) This keeps accountants in a job, as filing is expensive. I spend about $1000 a year on filing my taxes and FBAR, and I never have to pay additional taxes as I am under threhold, so this is an essentially meaningless action that serves little purpose.
This regulation should not be renewed unchanged: Please remove the requirement of reporting the normal accounts we need for our lives for US citizens that reside abroad.