Eucn

Hi All class of DV2014,
I tried to post something in the old forum a week ago, but I think it never got through due to the forum instability. I dont know how many of you are aware of the FACTA requirements for reporting on Foreign Bank Accounts. These rules have been significantly tightened the last couple of years and carry stiff penalties for non compliance. Basically as residents, citizens and green card holders we are required to report all overseas bank accounts if the accumulated monies are more than 10K...the fine for not doing so and being found out is 10K per case and possibility of confiscation of up to 50% of content.
I know that many people have idle bank accounts here and there that they are not using and did not bother to close, but in these cases I think it would be a good idea to do a little bank house keeping and close down unnecessary bank accounts before you get the green card. It is unclear whether all company retirement schemes that you may or may not have been participating in should also be reported, but one big surprise is that you also have to report any account that you have signatory rights to....for example if you work for an international company and can sign off payments from company accounts...even this may not be your personal money....it is still required to report...unless its an American Company and this company already bulk reports all its signatories to the IRS.
I think for some this may not be so relevant,,,,but since many of us are self petitioners...I assume that many of us have more than 10K and that most of us are going to keep some money in our home countries etc. Thus be careful not to miss the FACTA required reporting during the month of June. I am not sure if there is a grace period for new green card holders, but better check with an accountant...or at least I will once hopefully it is my time.

Something like this one??