Posted on 04/16/2009 11:37:07 AM PDT by Snoopers-868th
U.S. citizens and residents have an annual obligation to report the existence of all “foreign bank, securities or ‘other’ financial accounts” if the aggregate value of those accounts exceeded US$10,000 at any time during the preceding year. Those failing to do so face a fine up to US$250,000, imprisonment up to five years, or both.
Lucky you: if you can demonstrate you didn't "willfully" violate this requirement, the IRS will generally impose a civil fine of "only" US$10,000.
Now, the U.S. Treasury has extended this obligation to any foreign person "in or doing business" in the United States. If you qualify under this requirement, you have until June 30 to report any "foreign accounts" you had in 2008 by completing complete Form TD F 90-22.1, the foreign bank account reporting form (FBAR).
You don't want to bare your financial soul to the U.S. Treasury? Well, too bad. If you're "conducting business within the United States on a regular and continuous basis," you meet the threshold test established by the IRS, and must complete the FBAR. You must reveal the name, address, account number, and highest value in the preceding year of each non-U.S. account over which you have signature or "other" authority.
According to recent IRS guidance, a foreign person merely visiting the United States has no filing obligation. Nor does sporadically doing business in the United States trigger the requirement. Other foreigners not required to file FBARs include:
(Excerpt) Read more at nestmannblog.sovereignsociety.com ...
I hope someone can fix that link—it is in the article. Sorry.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
I don’t suppose this could get any of the illegals working here and sending money back home.
So that $14 million I have buried in coffee cans in the back yard is illegal?
Harumph!
This place is a Banana Republic, with sheetier weather.
The IRS was created by Satan himself.
There are so many crimes we could all be jailed on any one of them if they tried.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Burglar=IRS. Indeed!
Only if it is over $10,000 is the way I read this. Is that correct?
Just returned from bathroom, could not detect the first sign of concern in my eye.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Is the global economic plan responsible for taking our privacy away? It seems the private citizen is not intended to benefit in the same way as business can when functioning globally or does business have to pay taxes on their foreign holdings?
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