6 ms·

You're right, it used to be only the big accounts -- before 2008. Post-2008, that's not the case anymore. They have become very, very active since then on all

You're right, it used to be only the big accounts -- before 2008. Post-2008, that's not the case anymore. They have become very, very active since then on all earning levels.

Hyena 15y ago
Evidence?
ams6110 15y ago
It applies to accounts of $10,000 or more (I don't know if you consider that "big"). But note that's "in aggregate" not a per-account amount. From the IRS FAQ: Q. Who must file an FBAR? A. Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
- jarek 15y ago
  I'm not sure how you could consider $10k big, especially in aggregate. That's probably less than six months' savings for a family.
  - burgerbrain 15y ago
    Hell, I had more than twice that when I was a broke-ass sophomore in college. This seems to apply to all but the homeless.
    - Duff 15y ago
      No way. Most people live paycheck to paycheck. 50% of Americans are unable to raise $2,000 within 30 days.
      - burgerbrain 15y ago
        Huh. I guess I'm getting out of touch.
      - jarek 15y ago
        Yes, and that is disturbing. But I still wouldn't say savings for six months of ordinary middle-class life is a big amount.
        Duff 15y ago
        I tend to agree, but then I'm a well-paid IT guy. 90% of the population probably doesn't have $10k of assets. So while $10k isn't alot of money, it is out of the ordinary, especially if you are able to store it out of the country.
    - antihero 15y ago
      How the fucking hell did you have that?
      - jarek 15y ago
        Sorry to see your post downvoted. I'm guessing you, like me initially, may be having trouble reconciling "broke-ass student" with "20k in savings." I'm guessing the savings were earmarked and locked up for future tuition payments.
        burgerbrain 15y ago
        Correct, the plan was for that money to get me through the rest of my tuition. I got it by doing several years of labor before even considering starting.
  - matthewcford 15y ago
    As a student you can have more than this, it's around ~6K pounds, which if you take into account a student loan plus some help from parents/savings, going over this limit is a reality. The key point here is AT ANY TIME so even if the amount is just passing though (i.e to pay for uni fees) you are in breach, which I just found out a few weeks ago, and the fines for not filing a FBAR are insane.
  - cheez 15y ago
    Shit, I feel lucky...
  - faboo 15y ago
    Ten grand in cash? Wikipedia says the median household income in the U.S. (in 2005, though I can't imagine it's sky-rocketed since then) was about $44k (that's 1 wage earner, family of 3 (or so)). So $10k every six months would be nearly half their income. They'd be living at $22k/year (before taxes), which is nearly poverty level for a family of 3. Even if you consider middle-middle class, $70-$100k, that's still 20-25% of their income. But that's the United States. Maybe wages are awesome in Canada? "Sources": https://secure.wikimedia.org/wikipedia/en/wiki/Household_income_in_the_United_States https://secure.wikimedia.org/wikipedia/en/wiki/Household_inc... https://secure.wikimedia.org/wikipedia/en/wiki/Poverty_in_the_United_States https://secure.wikimedia.org/wikipedia/en/wiki/Poverty_in_th...
    - fleitz 15y ago
      What they're talking about is aggregate, so lets say you have 2K in your chequing, 5K in your trading account, and if you have more than 3K in an RRSP you have to file an FBAR. The FBAR isn't the big deal for wage earners, the big deal is the failure to file.
    - JoachimSchipper 15y ago
      The parent was talking about $10K total, enough to carry them through e.g. six months of unemployment. Saving $20K/year is indeed a lot, but $2K/year for five years is very reasonable (~4.5%) and gets you to $10K.
      - jarek 15y ago
        Yes, sorry, I realized now my post wasn't clear. I meant "savings to live off of for six months," not "amount you [most people] would save up in six months." $10k wouldn't be a lot for a family for six months, but it'd be a start.
        faboo 15y ago
        Ah, yes, that does make a lot more sense. And I definitely agree that $10k is more the size of a rainy-day fund than a "here is my pile of tax evasion money" stash.
ajross 15y ago
Are there statistics to back that up? The date you list makes me very suspicious that you got this statement from a politically motivated news source. The real truth is that the IRS is a huge bureaucracy with a more or less static funding source, and there's very little the executive branch can do to rapidly change its methods or priorities.

You're right, it used to be only the big accounts -- before 2008. Post-2008, that's not the case anymore. They have become very, very active since then on all earning levels.

Hyena 15y ago

Evidence?

ams6110 15y ago

It applies to accounts of $10,000 or more (I don't know if you consider that "big"). But note that's "in aggregate" not a per-account amount. From the IRS FAQ: Q. Who must file an FBAR? A. Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

jarek 15y ago
I'm not sure how you could consider $10k big, especially in aggregate. That's probably less than six months' savings for a family.
- burgerbrain 15y ago
  Hell, I had more than twice that when I was a broke-ass sophomore in college. This seems to apply to all but the homeless.
  - Duff 15y ago
    No way. Most people live paycheck to paycheck. 50% of Americans are unable to raise $2,000 within 30 days.
    - burgerbrain 15y ago
      Huh. I guess I'm getting out of touch.
    - jarek 15y ago
      Yes, and that is disturbing. But I still wouldn't say savings for six months of ordinary middle-class life is a big amount.
      - Duff 15y ago
        I tend to agree, but then I'm a well-paid IT guy. 90% of the population probably doesn't have $10k of assets. So while $10k isn't alot of money, it is out of the ordinary, especially if you are able to store it out of the country.
  - antihero 15y ago
    How the fucking hell did you have that?
    - jarek 15y ago
      Sorry to see your post downvoted. I'm guessing you, like me initially, may be having trouble reconciling "broke-ass student" with "20k in savings." I'm guessing the savings were earmarked and locked up for future tuition payments.
      - burgerbrain 15y ago
        Correct, the plan was for that money to get me through the rest of my tuition. I got it by doing several years of labor before even considering starting.
- matthewcford 15y ago
  As a student you can have more than this, it's around ~6K pounds, which if you take into account a student loan plus some help from parents/savings, going over this limit is a reality. The key point here is AT ANY TIME so even if the amount is just passing though (i.e to pay for uni fees) you are in breach, which I just found out a few weeks ago, and the fines for not filing a FBAR are insane.
- cheez 15y ago
  Shit, I feel lucky...
- faboo 15y ago
  Ten grand in cash? Wikipedia says the median household income in the U.S. (in 2005, though I can't imagine it's sky-rocketed since then) was about $44k (that's 1 wage earner, family of 3 (or so)). So $10k every six months would be nearly half their income. They'd be living at $22k/year (before taxes), which is nearly poverty level for a family of 3. Even if you consider middle-middle class, $70-$100k, that's still 20-25% of their income. But that's the United States. Maybe wages are awesome in Canada? "Sources": https://secure.wikimedia.org/wikipedia/en/wiki/Household_income_in_the_United_States https://secure.wikimedia.org/wikipedia/en/wiki/Household_inc... https://secure.wikimedia.org/wikipedia/en/wiki/Poverty_in_the_United_States https://secure.wikimedia.org/wikipedia/en/wiki/Poverty_in_th...
  - fleitz 15y ago
    What they're talking about is aggregate, so lets say you have 2K in your chequing, 5K in your trading account, and if you have more than 3K in an RRSP you have to file an FBAR. The FBAR isn't the big deal for wage earners, the big deal is the failure to file.
  - JoachimSchipper 15y ago
    The parent was talking about $10K total, enough to carry them through e.g. six months of unemployment. Saving $20K/year is indeed a lot, but $2K/year for five years is very reasonable (~4.5%) and gets you to $10K.
    - jarek 15y ago
      Yes, sorry, I realized now my post wasn't clear. I meant "savings to live off of for six months," not "amount you [most people] would save up in six months." $10k wouldn't be a lot for a family for six months, but it'd be a start.
      - faboo 15y ago
        Ah, yes, that does make a lot more sense. And I definitely agree that $10k is more the size of a rainy-day fund than a "here is my pile of tax evasion money" stash.

ajross 15y ago

Are there statistics to back that up? The date you list makes me very suspicious that you got this statement from a politically motivated news source. The real truth is that the IRS is a huge bureaucracy with a more or less static funding source, and there's very little the executive branch can do to rapidly change its methods or priorities.