Any of you guys have offshore accounts and need to file F-Bars?
Just a PSA that June 30 is approaching, and this year it looks like electronic filing is newly required and the form is called FinCEN 114 instead of TDF 90-22.1.
If it's late or inaccurate I'm sure they have authority to seize 200% or your assets and/or execute you as they deem fit.
And who says we live in a surveillance state?
^^^ I think that's a bit extreme (but not by much) if it just a simple savings or checking account it's not that much work.
If it's investments/a business/a trust/etc. then I agree too hard to do it yourself.
With FACTA it's getting very hard to do offshore investments now. Foreign banks/brokers are reluctant to meet the regulatory requirements. There are still some specialty firms doing it, but not many.
So even for those outside the US doing nothing wrong, are losing business due to IRS burdens. Score another hit to US and global business due to the US surveillance state!
Regarding voluntary disclosure, it looks like the IRS is lightening up a bit after all the pain and subsequent bad press their dragnet caused:
There's an amnesty program for that if you're quick. No one with offshore money should do their own taxes!!!