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40th Free Zoom U.S. Citizen ・ Permanent Residents are obligated to report their property in Japan to the U.S. government and will be punished if they fail to do so ！.

Sponsored by ： Life Isshukai.　Life Isshukukai is a one-stop senior support group for Japanese seniors in the U.S. over 60 years old.　They are currently preparing to build their new home, "Ikoi no Ie" (House of Rest and Relaxation). For more information about the Life Isshukai, please visit www.jinseiippukukai.org
●Date ： 7/13/24 Sat ） 6pm ～ 8pm
●Venue ： Zoom （ Invitation only for those who register in advance ） Free
●Application ： jinseiippukukai@gmail.com 323-377-5530
Please use the direct eMail address, not via Bibinavi.　 Please send your application directly to the e-mail address, not via Vivinavi
.
●Application deadline ： 7/11/24 6 pm
●New applicants, please apply with your full name ・ male female gender ・ age
●The invitation will be sent on July 11.

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● U.S. citizens are required to report their income abroad.　And permanent residents are obligated to do so as well.　However, many Japanese are unaware of this or ignore it, and may end up being punished later.

Specifically,
① under the Report of Foreign Bank and Financial Accounts (FBAR) regulations, if the total amount deposited in an overseas account exceeds $ 10,000 for even a moment, it must be reported
② FBARs must be reported separately from regular federal tax returns
③ FBAR reporting requirement automatically extends to October 15
④ There is an amnesty program for those who forgot to report their FBARs. If you have not reported it, there is no problem if you report it immediately.
⑤ You have nothing to lose by reporting an FBAR, but if you are found to have intentionally failed to report, you will be punished and in rare cases, sent to jail

● Who is required to report ？
US citizens, permanent residents, trusts, Estates,

●Who should report ？
by April 15 each year （ deferrals by October 15 ） report
by electromagnetic means to the U.S. Treasury Department.　
If you wish to report on paper, contact FinCEN's Resource Center, explain that you wish to report on paper, not e-filing, and obtain the necessary forms. Please obtain the necessary forms.

● If you ignore an FBAR report ？
FBARs are enforced by the U.S. Financial Crimes Enforcement Network (FinCEN), which is on the lookout for tax evasion and the penalties are severe. The penalties are severe.　However, the FBAR is just a collection of information and you do not have to pay taxes.

●If you intentionally ignore an FBAR report or make a false report, you will be fined $ $10 or 50% of your total assets, whichever is greater, for the year of the violation.

● If you inadvertently fail to report, the base fine for an unreported year is $ 10,000 per account.　If you have reported in previous years, we recommend that you do so immediately, as the Amnesty Program will waive the fine.

●What is the purpose of the FBAR reporting requirement ？
This is to curb criminal activities such as tax evasion and money laundering by U.S. taxpayers by reporting details of their overseas property to the U.S. Treasury Department annually.

Do I have to pay a large tax by reporting my overseas assets on the FBAR?　However, this report will be communicated to the IRS so that they can determine how much of your assets you have overseas.

● What happens if you don't report ？
You will be penalized and subject to various investigations if you fail to report, so it is better to report and stay out of trouble.

● We have invited Minako Steele CPA, an expert in corporate and individual tax filing, to give us an in-depth look at the FBAR.　If you have a bank account or other source of income in Japan and the total amount of assets you handle temporarily exceeds $ $10,000, be sure to attend to avoid getting into trouble.
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Guest ： Minako Steel, CPA

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