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To: Travis_Bickle who wrote (103075)2/2/2008 1:57:14 PM
From: bentwayRead Replies (2) | Respond to of 306849
 
"A US citizen/resident alien is taxed on his/her worldwide income, doesn't matter what country your money is sitting in."

It seems to me this would be very difficult for the IRS to determine or prove foreign income, since they have very limited and clumsy ways to determine what it was. Since they have limited resources, why would they even waste time pursuing funds from foreign sources?

One thing I learned from my IRS tennis buddy is that (at that time) they pursued middle class tax suspects much more than wealthy ones. He said the wealthy ones had lawyers and accountants that just made it too hard to nail them, but most of the middle class guys were easy meat.



To: Travis_Bickle who wrote (103075)2/2/2008 6:44:31 PM
From: Lizzie TudorRead Replies (1) | Respond to of 306849
 
thanks very interesting.

I actually didn't know a US citizen was taxed on their worldwide income. I thought you were only taxed when you brought it in to the US. If you are taxed as a US citizen no matter where you keep your money then why put it offshore at all? What am I missing?


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