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)
If the law stands and if the IRS follows it to the T: If you 'forget' the interest just goes up, just like it does when you 'forget' to file here. IMO, we are moving toward a unified system with many countries respecting court judgments from other countries. Now, US will not respect a Uganda court rule but US will probably coerce many into accepting ours. Best case scenario, the person will have to worry about the 'what ifs' every single day, much like a fugitive.