Re: Thanks, that was an incredibly good summary and should be posted
 

You are right, there was some treatment about ETF in the CTR that was misleading. Should have realized as have sent million dollar transfers without a CTR. I think they are just trying to avoid the Denmark computer. More transactions in typically amounts are more likely to get lost in the clutter.

Re: Thanks, that was an incredibly good summary and should be posted
 

Is there anywhere a step-by-step instruction for how to report Neteller?

Re: foreign account reporting due July 2
 

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be sure you have very good help during your audit, as the audit rates for first year Form TD F 90-22.1 filers are 100%.

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I have read here and elsewhere it is 90%. Not much difference between 90 and 100 I guess but how do you know it is 100% and how long does it usually take for the audit to happen?

Re: foreign account reporting due July 2
 

[ QUOTE ]
[ QUOTE ]
be sure you have very good help during your audit, as the audit rates for first year Form TD F 90-22.1 filers are 100%.

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I have read here and elsewhere it is 90%. Not much difference between 90 and 100 I guess but how do you know it is 100% and how long does it usually take for the audit to happen?

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I've talked to multiple CPAs that dispute this due to the fact that this is not such an uncommon filing anymore. I submitted this for 2006 tax year.

Re: foreign account reporting due July 2
 

As this year is the first year with the penalties coming into play, there may be a reduced audit rate, but I wouldn't count on anything. If you are not audited the first year you are still a very high priority to be audited within a few years. You are also more likely to be the type of people to be selected. The type now filing, that was typically non-compliant that may not be audited at as great rates are the kids on semester overseas and American ex-pats working overseas. In general, the larger your account, the more likely you will be to be audited. There is a detailed instruction form, it is tricky to find, I will post as soon as I can.

Re: foreign account reporting due today - question
 

http://www.irs.gov/businesses/small/article/0,,id=148849,00.html
http://www.irs.gov/businesses/small/article/0,,id=148845,00.html
http://www.speranzasystems.com/pdf/G...ofUSTaxLaw.pdf
http://www.hbtlj.org/v07p1/v07p1Sheppardar.pdf

The Speranza document is probably the clearest for non-tax preparers. This is pretty much all there is out there. If it is not clear, you can ask a specific question, but I am sure no one is willing to be responsible for the accuracy of your tax return. Be sure you mail to Detroit.

Re: foreign account reporting due July 2
 

If I knew that filing this form was so likely to lead to an audit, I wouldn't have filed. I pay all my taxes so being audited will be an unnecessary giant pain in the ass.

Re: foreign account reporting due July 2
 

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If I knew that filing this form was so likely to lead to an audit, I wouldn't have filed. I pay all my taxes so being audited will be an unnecessary giant pain in the ass.

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Same here.

Re: foreign account reporting due July 2
 

The penalties are huge for not filing, up to half a million and 10 years in jail. It is much better to file, perhaps the huge increase in FBAR filings will reduce the audit rate.

Re: foreign account reporting due July 2
 

[ QUOTE ]
If I knew that filing this form was so likely to lead to an audit, I wouldn't have filed. I pay all my taxes so being audited will be an unnecessary giant pain in the ass.

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Since they can tell you have paid taxes, you may be less likely to be audited. My guess is it would be far better to face the IRS having paid your taxes, than the DOJ.