Quote: (11-15-2015 11:52 AM)Easy_C Wrote:
Quote: (11-14-2015 01:39 PM)mammal Wrote:
Quote: (11-13-2015 10:38 AM)Dr. Howard Wrote:
If an individual owes more than $50,000 in taxes ...
Consider that FATCA pentalties are $10,000 per undisclosed foreign bank account, per year $50,000 in penalties is pretty darn easy to accrue.
FBAR penalties are up to 50% of the highest balance for the past six years (i.e. 300% of highest balance.) FATCA is the agreement that gets foreign banks to report information of US persons to the US government.
Incorrect description of FATCA. It's a law that declares that the US government will seize the assets of any foreign banks that fail to report on the financial activities of US citizens.
If you're abroad I recommend cutting your losses and renouncing US citizenship.
No - You are fear-mongering! FATCA requires that non-US financial institutions with US tax payer accounts to report those accounts, and ii) imposes some fines on tax-payers who do not personally report such accounts to the IRS (which are only imposed in the slight chance that you get audited, although they are draconian, indeed).
If a non-US financial institution does not comply with reporting, then the US imposes a 30% withholding tax to US-sourced payments from that financial institution (which is basically the corporate income tax, anyway).