PUBLIC SUBMISSION

As of: 1/15/21 2:21 PM
Received: January 15, 2021
Status: Non_Public
Tracking No. kjy-nkz6-p5sk
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-0067
Comment on FR Doc # 2020-25216


Submitter Information

Name: Daniel Billings
Address:

David,  Las Algarrobos,  Panama, 

Email: xpflyer@aol.com
Phone: +50765640821

General Comment

The FBAR is is especially devastating to mixed nationality marriages like my wife and me. My wife is a Filipino citizen and I am Canadian as well as both of us being US citizens. We both have family and property interests in our respective birth countries. Because of the FBAR we are severely limited as to which banks we can use in our own birth countries!!! Most banks in our birth countries do not want to deal with anyone who has ties to the US because of the onerous paperwork and reporting they are subjected to. We have been forced to use large banks that we would rather not do business with because they are the only ones that can afford to do all of the US paperwork. Filing taxes because of the FBAR is also complicated and we are treated like criminals at every step from trying to get a bank account to filing taxes. I understand the desire to catch tax dodgers, money laundering, whatever, but for God's sake change this Orwellian law to give some relief to citizens or US residents of the countries where they have "foreign" bank accounts and families. Since we are retired and living outside of the US, this law is so intrusive that we are considering renouncing our US citizenship to get away from it. Change this law to give us some relief and go after the real criminals!!!!