German bank account

[ba...@mktaxpros.com]

My Client’s mother has a German Bank account with $100,000. 

She is an American Citizen, has Social Security and a small pension.  She has been filing US tax returns, but not the FinCEN 114.

 

1. If she had been filing the FinCEN 114, is there any issue or reporting requirement regarding transferring the money to her US bank account?
2. Since she has not been filing the FinCEN 114, what is the current process for getting into compliance?

 

Bart Ketterling, EA

Martin, Ketterling & Associates

2299 E Main St. Suite 8, Ventura, CA 93001

805.653.7362 Office

805.653.1991 Fax

www.mktaxpros.com

 

 

 

We also offer retirement and financial planning services at www.ketterlingfinancial.com.

 

[Sam Grewal]

You need more info than this, about interest/ div. income on offshore financial accounts, if it was reported or not. There are options to file Delinquent/ Late filing of FBAR, but Streamlined filing compliance might be a better option.

Regards

Sam

Santa Clara, CA 95054

Cell: 408-316-4490

In accordance with IRS Circular 230, the information is not intended or written to be used, and cannot be used as or considered  "covered opinion" or other written tax advice  and should not be relied upon for the purpose of avoiding tax-related penalties under the Internal Revenue Code; promoting, marketing, or recommending to another party any transaction or tax-related matter(s)  addressed herein; for IRS audit,tax dispute or other purposes. 

--
You are subscribed to the ClientWhysConnect group.
Post Address: clientwh...@googlegroups.com
Unsubscribe Address: clientwhysconn...@googlegroups.com
For more options, visit this group at
http://groups.google.com/group/clientwhysconnect?hl=en?hl=en
 
Disclaimer --- You use the information shared on ClientWhysConnect.com at your own risk. The information is based upon unsubstantiated member opinions and if you have concerns about the validity of the information you should research the issue thoroughly yourself and arrive at your own conclusions. We will never share any of the information you’ve provided to the ClientWhysConnect.com list with anyone.
---
You received this message because you are subscribed to the Google Groups "ClientWhysConnect" group.
To unsubscribe from this group and stop receiving emails from it, send an email to clientwhysconn...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/clientwhysconnect/d75601daa0c7%245242b350%24f6c819f0%24%40mktaxpros.com.

[Lee Reams]

Bart, the penalties are spelled out in chapter 1.13 of the Big Book.  The non-willful penalty amount balances $50K-$250K is $5,000 per year.  Did she report the income from that account each year?  Also see the IRS Streamlined voluntary filing compliance program on page 1.13.10 of the BB.  I also located the IRS website dealing with the voluntary compliance.  See below. As I understand it, once accepted into the program the past 6 years must be filed and one time 5% penalty applies.  

Lee 

On May 7, 2024, at 2:41 PM, <ba...@mktaxpros.com> <ba...@mktaxpros.com> wrote:

My Client’s mother has a German Bank account with $100,000.  

She is an American Citizen, has Social Security and a small pension.  She has been filing US tax returns, but not the FinCEN 114.

 

1. If she had been filing the FinCEN 114, is there any issue or reporting requirement regarding transferring the money to her US bank account?
2. Since she has not been filing the FinCEN 114, what is the current process for getting into compliance?

 

Bart Ketterling, EA

Martin, Ketterling & Associates

2299 E Main St. Suite 8, Ventura, CA 93001

805.653.7362 Office

805.653.1991 Fax

www.mktaxpros.com

 

  

 

We also offer retirement and financial planning services at www.ketterlingfinancial.com.

-- 
You are subscribed to the ClientWhysConnect group.
Post Address: clientwh...@googlegroups.com
Unsubscribe Address: clientwhysconn...@googlegroups.com
For more options, visit this group at
http://groups.google.com/group/clientwhysconnect?hl=en?hl=en
 
Disclaimer --- You use the information shared on ClientWhysConnect.com at your own risk. The information is based upon unsubstantiated member opinions and if you have concerns about the validity of the information you should research the issue thoroughly yourself and arrive at your own conclusions. We will never share any of the information you’ve provided to the ClientWhysConnect.com list with anyone.
--- 
You received this message because you are subscribed to the Google Groups "ClientWhysConnect" group.
To unsubscribe from this group and stop receiving emails from it, send an email to clientwhysconn...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/clientwhysconnect/d75601daa0c7%245242b350%24f6c819f0%24%40mktaxpros.com.

 

	Lee Reams Sr., BSME, EA Chief Content Officer CountingWorks Pro | CountingWorks | TaxBuzz | TaxCPE p: 1.800.442.2477 x240 w: www.countingworkspro.com/  e: lee....@countingworks.com
See how CountingWorks can grow your practice.