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FINCEN 114

PostPosted: 15-Oct-2020 8:56pm
by zl28
IF WIFE has 6k in foreign bank accounts

and husband has -0- in foreign bank accounts
but has signature power on a bank account with 20k in foreign currency

do they need to file fincen?

Re: FINCEN 114

PostPosted: 15-Oct-2020 9:22pm
by sjrcpa
He does

Re: FINCEN 114

PostPosted: 15-Oct-2020 9:29pm
by zl28
thank you!!

Re: FINCEN 114

PostPosted: 16-Oct-2020 7:56am
by Guya
The husband is required to file an FBAR based on the facts presented. There is no information provided as to whether either spouse has any other filing requirements with FinCEN.

Re: FINCEN 114

PostPosted: 21-Oct-2020 10:28pm
by Jake
Preaching to the choir, but why do we have a $10,000 reporting threshold from eons ago without any inflation adjustment. Lots of money spent on useless reporting both for individuals and the govt. Further proof that there is no intelligent life in the D of C.