FBAR reporting?
Certificates of Deposit purchased and held through a Edward Jones account subject to FBAR reporting?
1
26681
aC2M2uuEer4yUOacwZ5xHE
02/07/12 3:33pm PST
Viewed by asker 02/08/12 2:30pm PST
Viewed by asker 02/08/12 2:30pm PST
7 Replies
IRMN
Questions asked: 53
Questions answered: 16305
Points earned: 52301
Questions answered: 16305
Points earned: 52301
Accountant Community AllStar
Advisory council of Accountant community power users.
Intuit Moderator
Mod/Co-mod
02/07/12 3:34pm PST
Fixed Bayonet on Assault Rifle?
Where the heck is Tijean when you need him.
If this answers your question please click, um, ok I forgot what you are supposed to click. If this answered your question, how about just saying thanks and we will call it good.
tilt53
Questions asked: 358
Questions answered: 8783
Points earned: 26131
Questions answered: 8783
Points earned: 26131
Accountant Community AllStar
Advisory council of Accountant community power users.
Intuit Moderator
Mod/Co-mod
02/07/12 3:36pm PST
What are the requirements for FBAR reporting? That will answer the question.
Hail Cleo-Cat-Tra, Queen of Denial. I didn't do it.
For a professional answer you might want to ask this question of a paid support person at Intuit Tech Support (800-434-6818). Volunteers are not compensated or supported by Intuit.
For a professional answer you might want to ask this question of a paid support person at Intuit Tech Support (800-434-6818). Volunteers are not compensated or supported by Intuit.
02/07/12 5:54pm PST
Have you read them? I have and I can't make an interpretation regarding this situation; that's why I posted the question. I always try to research before I waste a contributor's time.
02/07/12 6:41pm PST
As far as I know, Edward Jones is a US company, making that a US account, not a foreign account. Does that help? But if, for example, they have offices in the UK and your client had ovber $10K in a UK account, that's foreign.
Edited for typos and punctuation
02/07/12 11:16pm PST
There was an IRS webinar last year which addressed FBAR reporting - who must file and how to complete the required form -- Report of Foreign Bank and Financial Accounts Report (FBAR). See link:
http://www.irsvideos.gov/Repor...
The link below has FAQ re: FBAR
http://www.irs.gov/businesses/...
Charlotte256
Questions asked: 5
Questions answered: 4549
Points earned: 12684
Questions answered: 4549
Points earned: 12684
Accountant Community AllStar
Advisory council of Accountant community power users.
02/08/12 1:33am PST
The solution
Last August, I attended an IRS seminar on FBAR. If your account is in a US office of Edward Jones, there is no FBAR reporting requirement for you, regardless of the amount of money or where Edward Jones invests it.
If you have inherited assets worth $10K or more in another country it would be necessary to report it. A convenience bank account in any foreign country in order to pay your employees working there could require reporting.
When anyone doing nothing needs help, I will gladly help that person do nothing.
