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TOPIC: Organizing Indian American Representation Regarding FBAR Penalty

Organizing Indian American Representation Regarding FBAR Penalty 6 years 6 months ago #118

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There is an active petition on this site regarding the hardship being created for Indian Americans due to the IRS’s one-size-fits-all approach in enforcing penalties for not filing FBARs (for Foreign Account Reporting). So how would we best organize an effective and proper representation of Indian Americans, Persons of Indian Origin as well as others affected in an unjustifiably harsh way by the FBAR penalty situation? Should the representation be targeted at others besides the U.S. Congress and the IRS? One needs to figure out the best Political (or other) Action Groups that could help make the representation effective and timely as well as how best to contact/involve them. The obvious starting choice here is USINPAC itself which hosts this site. As per its mission statement on this site, USINPAC can take note of the concerns expressed here (and in the Petition) about this issue, by the Indian American and PIO community and help make a representation to the right quarters to impact policy and the penalty structure itself. Which other groups can be similarly mobilized to help on this issue? Also what practical suggestions should be made for FBAR penalty structure modifications that would address the concerns of undeserving hardship? I think one obvious suggestion is distinguishing accounts that have been created by parents/relatives in country of origin, probably existing since a long time. Kind of inherited or "legacy" accounts. Another would be accounts that are set up with fully U.S. tax paid funds and which are "reasonably" sized and fully tax compliant abroad (preferably in country of origin). In the interest of protecting innocents from hardship is it too much to ask the IRS to use reasonable differentiation of accounts and also to create specific lists of types of accounts (eg longstanding PPF etc) that will be treated specially?

Organizing Indian American Representation Regarding FBAR Penalty 6 years 6 months ago #375

  • chips
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There is an active petition on this site regarding the hardship being created for Indian Americans due to the IRS’s one-size-fits-all approach in enforcing penalties for not filing FBARs (for Foreign Account Reporting). So how would we best organize an effective and proper representation of Indian Americans, Persons of Indian Origin as well as others affected in an unjustifiably harsh way by the FBAR penalty situation? Should the representation be targeted at others besides the U.S. Congress and the IRS? One needs to figure out the best Political (or other) Action Groups that could help make the representation effective and timely as well as how best to contact/involve them. The obvious starting choice here is USINPAC itself which hosts this site. As per its mission statement on this site, USINPAC can take note of the concerns expressed here (and in the Petition) about this issue, by the Indian American and PIO community and help make a representation to the right quarters to impact policy and the penalty structure itself. Which other groups can be similarly mobilized to help on this issue? Also what practical suggestions should be made for FBAR penalty structure modifications that would address the concerns of undeserving hardship? I think one obvious suggestion is distinguishing accounts that have been created by parents/relatives in country of origin, probably existing since a long time. Kind of inherited or "legacy" accounts. Another would be accounts that are set up with fully U.S. tax paid funds and which are "reasonably" sized and fully tax compliant abroad (preferably in country of origin). In the interest of protecting innocents from hardship is it too much to ask the IRS to use reasonable differentiation of accounts and also to create specific lists of types of accounts (eg longstanding PPF etc) that will be treated specially?
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