important new reporting requirements for overseas accts (gold & silv)

[Large Sarge]

http://www.qwealthreport.com/blog/us-treasury-new-regulations-on-foreign-account-reporting/

[gunDriller]

very important for anybody that has money in a foreign bank account.

even if you have reported the income from the foreign bank account on your tax returns, you still have to file an FBAR by June 30 - that's their law.

the FBAR is a form where you list account numbers and tell the account balance at the beginning and end of the year ... something like that.

the IRS & Treasury have been pushing & prodding foreign banks to provide the information to them anyway. so if your foreign bank discloses, and you don't, any of 2 things could happen -
A/ nothing.
B/ the Treasury will tell them you owe them in the ballpark of $500K - even if you only have $11K in your account.

in case anybody has any question about whether the US gov. has instituted capital controls - yes, they have.

[Ponce]

Depends in what country your money is in........the US don't have control of every bank in the world and many of them simply tell the US to get fuck.

[Twisted Titan]

Even if you have reported the income from the foreign bank account on your tax returns, you still have to file an FBAR by June 30 - that's their law.


FBAR is too close to FUBAR for my liking

I will stick with Physical