PUBLIC SUBMISSION

As of: 1/19/21 2:46 PM
Received: January 15, 2021
Status: Non_Public
Tracking No. kjz-2mu9-38vu
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-0089
Comment on FR Doc # 2020-25216


Submitter Information

Name: Anonymous Anonymous
Email: andrewanon334@gmail.com

General Comment

I would like to start by saying I believe that FBAR reporting should not be required of American citizens living overseas at all. They are using banks which are local to them in the countries in which they live. It is completely unfair that they should be subject to stringent reporting with extremely harsh penalties for something that is not expected of US residents with respect to their local banks. I believe that the regulations should be changed to exempt all non US residents from any FBAR reporting requirements. Few people know they are required and they are difficult to comply with because of changes in exchange rate. These reporting standards do not make sense for normal people living their lives overseas. Fundamentally people who are not resident in the USA should not have more reporting requirements when living their day to day lives than a US resident has with respect to their US banks. It is clearly unfair.
The FBAR regulations are very easily missed by expats and the punishments are extremely disproportionate for people doing normal bank related activities in the 21st century. If it is impossible to remove FBAR requirements for non residents then the penalties should be reduced and the $10,000 limit increased significantly and then tied to inflation. Reducing the penalties is really important for American expats who make simple mistakes and who are not harming anyone.