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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 414.48+0.7%Jan 9 4:00 PM EST
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To: Canuck Dave who wrote (95167)10/3/2012 4:26:45 PM
From: Logain Ablar  Read Replies (1) of 219208
 
Dave:

I believe the rule is if the account(s) had a combined $10,000 at any one time during the year then it is to be reported (I think by May 15 os subsequent year).

This was initially set up for money laundering but within the last 10 years tax evasion has also come into focus. I think it was the UBS bank list that helped start the IRS on this crusade.

I first came across this rule back in 1980 time frame so it has been around for quite some time. It has had some recent changes.

Tim
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