Posted on 09/01/2022 5:38:12 PM PDT by algore
A Boston grandmother has been fined $2.1million by the IRS for failing to report $4.2million in a Swiss bank account given to her by her Jewish father who fled Nazi persecution in the 1930s.
Monica Toth's father, a successful businessman, opened the account shortly before his death in 1999 in case his daughter ever needed to flee the country to escape persecution as he did.
Her father was traumatized by his family's experience of escaping Nazi Germany in the mid-1930s, when he relocated to Argentina, where his daughter was born, according to Reason.
'Like many who fled Germany or later survived the Holocaust, he felt strongly that his daughter should have a reserve of money in case she might one day have to flee government persecution
Toth, 82, moved to the US at the age of 22, while her parents stayed behind in South America. In 1980, she became a naturalized citizen.
Now Toth says the IRS and the US government are violating her Eighth Amendment rights, which protects against 'excessive' fines or bails or inflicting cruel and unusual punishments against citizens.
Under the Bank Secrecy Act of 1970, all US residents have to file a Foreign Bank and Financial Accounts (FBAR) form with the IRS each year to identify any foreign accounts that holds more than $10,000.
Toth claims she was unaware of the form and had retroactively filed five years' worth of reports in 2010, according to the Institute for Justice.
After she filed the forms, the IRS audited her and she received a FBAR penalty totaling $2,173,703 in 2012. The IRS can impose a penalty - which is different from a fine - for a 'maximum of either $100,000 or half the balance in their unreported account, whichever sum is greater.'
(Excerpt) Read more at dailymail.co.uk ...
I am guessing it ends up that she will pay her "Fine" atty 2.1m.
How does the government know? Swiss bank accounts are none of their. business.
She reported it herself when she realized that was the rule.
They took 1/2 cause she did not report earlier
“Toth claims she was unaware of the form”
She should have gone to H&R Block. Or used tax software. Both will ask you about foreign bank accounts and the requirement to report them - since Americans are required to pay taxes on their world wide income.
Yes, concealing foreign bank accounts is illegal and carries heavy fines.
She filed. She hadn’t in a long time. So she owed penalties.
The IRS is just telling granny that she must split the kitty 50-50.
Were talking about the unconstitutional corporate entity, incorporated in Puerto Rico, that funnels ALL 1040 "taxes" to the non-federal bankster-run DSC non-reserve FED.
I think the Kenyan pulled some kind of tactic where the Swiss banks now rat you out.
“I see you have something. Give me half”, said the government.
That is my take on it too.
“Swiss bank accounts are none of their. business.”
Yes, they are. All Americans are required to report on any foreign bank accounts over $10K. We owe taxes based on world-wide income. Most countries do the same thing.
Oh yes it is. In 2009, US Treasury Department opened an investigation of Swiss Banks who did not report Americans with accounts there. Fed.gov ultimately fined UBS $780 million and bankrupted another private Bank called Wegelin, which had existed for 350 years - and had no offices or employees in the USA!
Why would the Swiss Government roll over like that? Well, the French and Germans also wanted information on their citizens keeping money in Switzerland, and US Treasury simply threatened to cut off Swiss access to US Dollar settlement - kind of like what they did to Russia in February.
You’re about a decade behind. Swiss banks report American account holders to the US IRS and have for years.
The ONE good thing about the US Dollar on its way out as the only currency for international trade (thanks to our ‘punishing’ Putin), is that once Americans have money in these other trading systems, the IRS will be TOTALLY BLIND to who has what overseas.
I think that was W post 9/11.
Probably not.
She will have an excellent tax attorney none of us could normally afford.
The irs went for the max so that they can get a decent compromise amount.
“I could be wrong but I think I recall reading about a treaty/agreement Switzerland reached with various countries regarding their famous secrecy laws.”
Something like 10 years ago, the Swiss joined the Globalists and ended privacy for American depositors. So there aren’t many safe places from the IRS, at least until the alternative currency trading systems are fully operational, which should be in a couple of year.
Are Nancy and Paul reporting their overseas accounts? John Roberts? etc., etc., etc.
“We owe taxes based on world-wide income. Most countries do the same thing.”
If you count the US and Eritrea as ‘most countries’, then you would be right.
https://globalisationguide.org/tax/world-taxation-systems/
Most countries most certainly do not tax world wide income. It’s basically the US and North Korea.
And Chuck Grassley is the worst offender of hounding US citizens’ right to privacy.
https://premieroffshore.com/which-countries-tax-worldwide-income/
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