Here’s an interesting problem. I think some nonresidents of the United States are now required to file a form with the U.S. government reporting their worldwide bank accounts to Uncle Sam. Read this and tell me what you think. Old Instructions, New Instructions First, go get the new Form TD F 90-22.1. (PDF). This is [...]
The IRS voluntary disclosure program (the FBAR amnesty) for offshore accounts is in full swing. One of the questions that comes up is whether the IRS will negotiate the penalties downward. We appear to have a semi-official, nonbinding answer from a reliable source. IRS Criminal Investigation Division Chief Eileen Mayer appeared at the the May [...]
The U.S. government requires “U.S. persons” to file Form TD F 90-22.1 (PDF) to report ownership or control of financial accounts located outside the United States. Nonresidents of the United States will be pleased to know that stealth changes to this Form now may also impose this filing requirement on them. A “U.S. person” is [...]
Here’s a report from the Congressional Research Service which outlines the penalties facing those who employ aliens. [PDF] Let’s not render any value judgments on the efficacy of the penalties, eh?
