Kbank Wants Info for I.R.S

[Gaybutton]

Why would not you call to the bank and ask.

You're the one who said "according to my information". Since you posted that the onus is on you to tell us what your information is and where it comes from. Is there some reason you don't want to say?

I have received no such Email, which means I have no reason to call the bank and ask.

If I am going to accept anything, it's going to be the video Undaunted posted - https://www.gaybuttonthai.com/viewtopic ... 37#p115437 , which is the only thing I've seen that makes any sense at all to me about this bullshit - and I, for one, have no intention of complying with it even if I do receive the Email.

[Jun]

My Kasikorn bank account was opened with the address of the Bangkok hotel I was staying at.
With the word "hotel" omitted. The hotel is no longer open.

So I'm always a little nervous of any increasing "compliance" requirements. I would be interested to hear what other non-residents do about the address.

I always declare the tiny amount of interest received on my HMRC tax return, along with anything from another overseas country.

[Harald]

Why would not you call to the bank and ask.

You're the one who said "according to my information". Since you posted that the onus is on you to tell us what your information is and where it comes from. Is there some reason you don't want to say?

You said that you are not going accept anything of what I say. So what is the point to divulge my sources of information.

[Gaybutton]

So what is the point to divulge my sources of information.

If nothing else it would prevent you from continuing to appear to be teetering very close to being the first person I have kicked off this board in several years.

If you really want to play games with me, guess who the loser will be.

[Dodger]

Their problem not ours!

I still haven't received this mystery message, but if I do I will delete it without opening it.

Whoever made the decision to send this message to bank customers should be fired.

TIT

[Dodger]

For American Expats Only:

As most of us already know we have to complete and send an FBAR Report to IRS each year if we have over U,S, $50,000 in our Thai account(s) (an aggregate). I include FBAR with my tax report each year.

If an unmarried expat has an aggregate amount of over U.S. $200,000 (approx. 6-1/2 million baht) then you also have to complete and provide the IRS with the FATCA form (form 8938).

It appears that KBank has been sending out the FATCA form 8938 and asking certain individuals to complete and return the information. My guess (probably wrong) is that 1) they are only sending these to expats who have over U.S. $200,000 in their account(s), or 2) they're just totally screwed up and don't know who to send them to. And I'm leaning towards (2)...

FATCA Reporting for U.S. Taxpayers

https://www.irs.gov/businesses/corporat ... -taxpayers

[Gaybutton]

or 2) they're just totally screwed up and don't know who to send them to. And I'm leaning towards (2)...

I'm sure they have some sort of computer program deciding who to send these requests to. And most of us are well aware of how often Thai computer programs get things screwed up.

As far as I know, only K-Bank has been sending these E-mails and they don't seem to be heavily pressuring people to comply. If they ever do try to pressure us or in any way threaten us for non-compliance, then fine - I'll withdraw my money, close my account, and put my money into a bank account that doesn't do those things.

If this was such an important issue, then why is K-Bank the only bank sending out these E-mails (at least so far) and why is there not even one word about it in their online banking app?

I have also seen nothing about this in any other bank apps or web sites.

Again, I am reminded that even the banks advise not to respond to any E-mails requesting information and many banks say they will never request information via E-mail. I don't remember whether K-Bank is one of them, but regardless I do not respond to E-mail requests for any kind of my information and I don't intend to reverse that with K-Bank or any other bank.

If you have not seen the video Undaunted posted - https://www.gaybuttonthai.com/viewtopic ... 37#p115437 , I highly recommend watching it. It explains what is really going on with this.

[Dodger]

As far as I know, only K-Bank has been sending these E-mails and they don't seem to be heavily pressuring people to comply.

Gee, I wonder why...

It's almost hilarious that the whole premise of this thing is directed at foreigners who do not reside in Thailand, who, according to Thai bank policies (contrary to actual practice), shouldn't have a Thai bank account to begin with.

I imagine this fiasco has already backfired on them.

[Dodger]

I was just sitting back with a cup of coffee and scanning Asiannow to see the feedback on this topic- and suddenly something dawned on me...every single one of the posters who say they received this e:mail from KBank are citizens of the UK...and not a single American.

Could be coincidence...but sure strange...

[2lz2p]

For American Expats Only:

As most of us already know we have to complete and send an FBAR Report to IRS each year if we have over U,S, $50,000 in our Thai account(s) (an aggregate). I include FBAR with my tax report each year.

To clarify, for filing the FBAR, the requirement for US folks is if at any time during the calendar year you had an aggregate of more than US$10,000 in a foreign bank accounts. Further, the report is not filed with the IRS. It is filed online with FINCEN (Financial Crimes Information Network) which is a separate unit in the Treasury Department. It is required by a money laundering law rather than a revenue act. It also only applies for foreign bank accounts. Like the income tax return, it is due on April 15th of the following year, but is not part of the income tax filing.

As to FACTA, if required to file, it is done as part of the income tax return using as noted form 8938. It also includes any financial assets, not just bank accounts. As to who is required to file, there are specific dollar thresholds determined by filing status and length of time living outside the US. As I recall, to be considered as living outside the US, it must be for 300+ days of the year (can be in more than one country so long as it is not USA or US Territory).
As noted, if filing as a single individual the threshold is US$200,000 IF LIVING OUTSIDE OF USA for the prescribed time; otherwise, the threshold for filing as a single individual is US$50,000.

The difference between the FBAR and FACTA is shown on this IRS webpage: https://www.irs.gov/businesses/comparis ... quirements.