A shocking appropriation of the inherited wealth of two U.S. citizens living in New Zealand
For those who imagine that FBAR penalties are proportionate to the amount of tax owed on the contents of non-reported “foreign” bank accounts, here is your answer!
SEAT members Laura Snyder, Karen Alpert and John Richardson recently published the following article in Tax Notes.
The Department of Justice is suing to recover the FBAR penalties. Here is the claim:
As President Reagan was fond of saying:
“Facts are stubborn things!”
If only Members of Parliament would have heeded the concerns over FATCA that were expressed by Jim Flaherty, Canada’s Finance Minister at the time the FATCA IGAs were signed !
Now, the World is subject to: COOK v. TAIT, (1924) – https://www.law.cornell.edu/supremecourt/text/265/47
Will the Government of New Zealand confiscate the money and give it to the USA?