Kellis, you are talking about $10,000 cumulative or more accounts as well!
So so guy named Woo in S Korea, with an American parent but a happy Korean citizen, can get a letter when he is 40, demanding that he file taxes with the IRS for the past 20 years. That means a financial disaster for virtually everyone. You can bet that soon IRS will be able to wire the cash from your foreign account to their account to satisfy any payment that they say it’s due.
Ignorance of the law, I am sure will not matter, despite the fact he might not have even visited USA. How is this fair, or American?
What if he forgets to answer? How does the IRS get a Korean citizen's assets? (Assuming he doesn't hold them in the US)