Govt. Penalties for non reporting $10K Offshore Accounts

[llepard]

THIS IS VERY SERIOUS STUFF.

NOT ONLY IS THE GOVERNMENT TRYING TO GET SUMMONS TO SEARCH FOR MONEY, BUT IT ALSO MAKES WILLFUL NON REPORTING OF OFFSHORE ACCOUNTS A FELONY PUNISHABLE WITH UP TO FIVE YEARS IN PRISON.

Still think the Government is here to help us? Or is run by the people? If you are wealthy you cannot even renounce your citizenship and take your money out without paying taxes for many years or paying a one time penalty for leaving. So this government thinks it owns us and our money. We cannot leave.

Talk about a roach motel.

NEWSFLASH

In response to the 20,000 wealthy Americans potentially with "undeclared accounts" with $20 Billion in assets at UBS, on July 1, 2008, a Federal District Judge in Miami authorized the IRS to serve a summons to UBS, seeking the identities of U.S. Taxpayers who failed to report Form 1099 income.

These U.S. Taxpayers face two (2) separate felonies:

1. Failure to Report Income

2. Willful Failure to Report Offshore Accounts Holding $10,000 or More

Undeclared foreign accounts are prey for criminal tax prosecution, based on the ease of proof. Taxpayers' Form 1040/ Schedule B must declare whether they have any authority over, or interest in foreign accounts with a total of more than $10,000.

1. Any Taxpayer who has foreign accounts with more than $10,000 must file a Foreign Bank and Financial Account Report ("FBAR") with the Treasury by June 30.

2. Willful failure to file a FBAR is a felony (up to 5 years in jail) and subject to a civil penalty of $100,000 or 50% of Accounts, whichever is greater.

3. In 2007, the Treasury received 322,000 FBAR's, compared to the one million-plus Americans the IRS has estimated have offshore accounts.

 

[Johnnybags]

THIS IS VERY SERIOUS STUFF.

NOT ONLY IS THE GOVERNMENT TRYING TO GET SUMMONS TO SEARCH FOR MONEY, BUT IT ALSO MAKES WILFUL NON REPORTING OF OFFSHORE ACCOUNTS A FELONY PUNISHABLE WITH UP TO FIVE YEARS IN PRISON.

Still think the Government is here to help us? Or is run by the people? If you are wealthy you cannot even renounce your citizenship and take you money out without paying taxes for many years or paying a one time penalty for leaving. So this government thinks it owns us and our money. We cannot leave.

Talk about a roach motel.

What next, permits for a yard garden? Income tax on my home grown tomatoes? On a side note, the FEDS better be careful what they ask for, because 90 percent or more of those willful nonreports are probably politicians.

 

[fr33domfightr]

THIS IS VERY SERIOUS STUFF.

NOT ONLY IS THE GOVERNMENT TRYING TO GET SUMMONS TO SEARCH FOR MONEY, BUT IT ALSO MAKES WILLFUL NON REPORTING OF OFFSHORE ACCOUNTS A FELONY PUNISHABLE WITH UP TO FIVE YEARS IN PRISON.

Still think the Government is here to help us? Or is run by the people? If you are wealthy you cannot even renounce your citizenship and take your money out without paying taxes for many years or paying a one time penalty for leaving. So this government thinks it owns us and our money. We cannot leave.

Talk about a roach motel.

NEWSFLASH

In response to the 20,000 wealthy Americans potentially with "undeclared accounts" with $20 Billion in assets at UBS, on July 1, 2008, a Federal District Judge in Miami authorized the IRS to serve a summons to UBS, seeking the identities of U.S. Taxpayers who failed to report Form 1099 income.

These U.S. Taxpayers face two (2) separate felonies:

1. Failure to Report Income

2. Willful Failure to Report Offshore Accounts Holding $10,000 or More

Undeclared foreign accounts are prey for criminal tax prosecution, based on the ease of proof. Taxpayers' Form 1040/ Schedule B must declare whether they have any authority over, or interest in foreign accounts with a total of more than $10,000.

1. Any Taxpayer who has foreign accounts with more than $10,000 must file a Foreign Bank and Financial Account Report ("FBAR") with the Treasury by June 30.

2. Willful failure to file a FBAR is a felony (up to 5 years in jail) and subject to a civil penalty of $100,000 or 50% of Accounts, whichever is greater.

3. In 2007, the Treasury received 322,000 FBAR's, compared to the one million-plus Americans the IRS has estimated have offshore accounts.

I think this should be ample reason for moving away from taxing INCOME. I don't think the Fair Tax is perfect, but it's way better than this crap!! I'd be open to any other form of taxation than an INCOME TAX and the power it gives the Federal Government, with the IRS as its agent.


FF

 

[WRellim]

I think this should be ample reason for moving away from taxing INCOME. I don't think the Fair Tax is perfect, but it's way better than this crap!! I'd be open to any other form of taxation than an INCOME TAX and the power it gives the Federal Government, with the IRS as its agent.


FF

Better rethink the "prebate" part of the "Fair Tax" for a few minutes.

Imagine that you are counting on getting "pre-imbursed" every single month for about 1/3 of your expenses...

Now imagine ALL of the possible scenarios the government (at all levels) will have to justify being able to take "deductions" from your monthly "pre-imbursement" or for putting a "temporary" "administrative hold" on your "prebate" deposit. (Oops, we see you have an unpaid parking ticket. Or, oops, you have been "tagged" as a "watch list" person, and the government cannot be seen to be funding "terrorism" so we'll just put your payments on hold... you're going to take us to court? Sorry... this is an "administrative" process, with "internal appeals" only; your prebate payments are a privilege, not a right!)

What, you don't think they'd do that? Just look at all of the reasons they came up with to withhold the "economic stimulus" checks.


Finally imagine what this will do to families.

Children who turn 18 (16?) will, of course, begin getting their OWN pre-bate checks, and their parents will no longer get their "portion" of it... imagine the arguments that will ensue when junior or princess spends HIS/HER personal "prebate" payments on.. well, on whatever the heck they want and you have to "beg" them for part of it to help pay for food, housing, clothing and utilities... (or you could just kick them out... look for THAT to happen a LOT more often.)

A "Fair Tax" with "prebates" would be subject to MUCH more abuse than the current system. It would put EVERYONE on the "government dole" and the vast majority of people would become even MORE "compliant" little sheeple.

IMO, the key chant for Fair Tax advocates should be "BAAAAAA"...

 

[raystone]

THIS IS VERY SERIOUS STUFF.

NOT ONLY IS THE GOVERNMENT TRYING TO GET SUMMONS TO SEARCH FOR MONEY, BUT IT ALSO MAKES WILLFUL NON REPORTING OF OFFSHORE ACCOUNTS A FELONY PUNISHABLE WITH UP TO FIVE YEARS IN PRISON.

Still think the Government is here to help us? Or is run by the people? If you are wealthy you cannot even renounce your citizenship and take your money out without paying taxes for many years or paying a one time penalty for leaving. So this government thinks it owns us and our money. We cannot leave.

Talk about a roach motel.

NEWSFLASH

In response to the 20,000 wealthy Americans potentially with "undeclared accounts" with $20 Billion in assets at UBS, on July 1, 2008, a Federal District Judge in Miami authorized the IRS to serve a summons to UBS, seeking the identities of U.S. Taxpayers who failed to report Form 1099 income.

These U.S. Taxpayers face two (2) separate felonies:

1. Failure to Report Income

2. Willful Failure to Report Offshore Accounts Holding $10,000 or More

Undeclared foreign accounts are prey for criminal tax prosecution, based on the ease of proof. Taxpayers' Form 1040/ Schedule B must declare whether they have any authority over, or interest in foreign accounts with a total of more than $10,000.

1. Any Taxpayer who has foreign accounts with more than $10,000 must file a Foreign Bank and Financial Account Report ("FBAR") with the Treasury by June 30.

2. Willful failure to file a FBAR is a felony (up to 5 years in jail) and subject to a civil penalty of $100,000 or 50% of Accounts, whichever is greater.

3. In 2007, the Treasury received 322,000 FBAR's, compared to the one million-plus Americans the IRS has estimated have offshore accounts.

Is the answer to this spreading $9k accounts overseas everywhere ?