The following claims were made by Tick-Tock-Tick-Tock – US Swiss Tax Deal Imminent:
- Time is running out.
- A willful failure to file is considered a felony punishable by five years in prison.
- Holders of unreported foreign accounts have more than jail to fear.
- the IRS has proven itself very adept at finding taxpayers that have not filed an FBAR.
- Those that are caught can expect both a tax bill and a penalty assessment of the greater of $100,000 or half the highest balance in the account.
- Making things worse for taxpayers is next year’s looming FATCA law.
- If the IRS thinks you moved or renamed your account to avoid detection, chances of criminal prosecution increase dramatically.
- The Quiet Disclosure strategy not only doesn’t work, it sets up taxpayers for a huge interest and penalty bill.
- The IRS publicly states on their amnesty website that those who try to quietly send any missing FBAR forms to the Service Center may find themselves in hot water.
Eritreans can feel themselves lucky. Their government is far less criminal against its diaspora.
Actually, money, it appears that you brought a rational discussion off course. swisspinoy made a joke, directly aimed at the US government.
The US government is responsible for it’s own actions…CBT, FATCA, re-claiming former citizens.
I, also, don’t wish to see this type of debate here.
This thread has really veered off topic and I think Atticus made some very good points, amongst them:
I agree. Surely there are websites and forum focussed on issues such as the role of the Swiss in 20th century history. Brock is focussed on trying FATCA, US taxation and citizenship policy.
If we get too far off topic, it will dilute Brock’s credibility and hamper us in our fight against the US. I think it’s really time for this thread to get back to topic.
Absolutely, The Mom, pacifica and atticus — and others.
Let’s keep on track. We absolutely do not need to veer away from the purpose of Isaac Brock. People come here for FATCA, FBAR, US Citizenship-Based Taxation vs Residence-Based Taxation of the rest of the world and support of one another. We do not want to turn one person away from pointing them to where they can get the information they need!
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The Isaac Brock Society is a website, an open forum to discuss the issues of United States citizenship, extra-territorial taxation, FBAR, and FATCA. We welcome a diversity of opinions. Therefore, the views expressed in comments and articles belong to the individual writers and do not necessarily represent the collective opinion of the Isaac Brock Society. Also, the Isaac Brock Society does not necessarily endorse videos or other material which are posted here for informational purposes. Please also read our about page.
All today’s good and brave advocacy of Atticus and Whitekat for US Persons Abroad to be dashed by this nonsense. I don’t think so.
I agree with Atticus and tdott – I read IBS every day for an update on where things stand with FATCA. Let’s keep focussed and unite against CBT and FATCA, and not get distracted. Based on the G20 and the articles this week about China and Canada and Switzerland the news is not good. July 2014 and the reporting year of 2014 by the banks to the IRS is just around the corner.
@swisspinoy
You suggest that calgary411 not fly over the US. Please explain what you think the dangers are with flying through US airspace for people who are “hiding from the IRS”.
WhatAmI and swisspinoy,
I would likely, at this point, be safe to fly into US airspace as I have my CLN. I am no longer a US citizen. However, it would not be a good idea for my son to accompany me. He would be safer to fly with anyone else — his Canadian passport says he was born in Calgary, Alberta, Canada. My Canadian passport says I was born in the US. It would not be hard for some nice border guard to put two plus two together and ask my son (in my worst nightmare) if I was his mom. I won’t be doing that, so I am essentially boycotting the US.
Though, of course, the US no-fly list and how it is compiled should concern us all: http://www.mintpressnews.com/federal-judge-hands-partial-win-to-americans-on-no-fly-list/168192/
and,
http://en.wikipedia.org/wiki/No_Fly_List
@WhatAmI, it is what calgary411 said. It is probably safe to fly over the US or to even stop in the US on transit, but there is always a risk to doing so and one who totally avoids the US avoids all risks.
@Money, “In March 2001, a U.S. Senate investigation revealed Chase Manhattan had been among big firms that had provided correspondent accounts to offshore banks involved in criminal activity. Investigators found that Antigua-licensed American International Bank moved $116 million through its account at Chase even as it was engaging in frauds in the U.S. and working hand-in-hand with convicted felons.”
http://www.icij.org/offshore/jpmorgan-chases-record-highlights-doubts-about-big-banks-devotion-fighting-dirty-money
So, according to that link, American Banks are responsible for the IRS starting FACTA due to their money laundering activities in 2001.
Stop this European history (??) discussion. It’s irrelevant here and looks really stupid and racist frankly. I’m constantly directing my US relative homelanders to this site, and this discussion is a total embarrassment. If this continues, I’ll have to stop my activities.
@Money, you forgot to mention Israeli banks stealing money from Holocaust survivors:
“Major Israel bank sued for refusing to return funds to Holocaust survivors.”
http://www.haaretz.com/print-edition/news/major-israel-bank-sued-for-refusing-to-return-funds-to-holocaust-survivors-1.278746
So, Israeli banks stole funds from Holocaust survivors, American Banks laundered money in Argentinia and elsewhere, UBS helped some Americans to hide their money, and now we have FATCA. It seems that FATCA is a global issue.
Pierre D, many of us agree. This is being discussed / moderated. Give it until tomorrow.