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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Canuck Dave who wrote (95167)	10/2/2012 8:17:04 PM
From: Sultan	Respond to of 218918

FATCA (Foreign Account Tax Compliance Act) has been mentioned and talked about on various threads on SI.. Few months back, I sent information on this to a friend because his wife is American, living in Canada a long time, and never filed any papers with IRS.. Rude awakening for him for sure.. Just the sheer nuisance factor..

To: Canuck Dave who wrote (95167)	10/2/2012 8:24:50 PM
From: Metacomet	Respond to of 218918

That sounded like something from the echo chamber It is New IRS rules for disclosure of foreign assets reuters.com

To: Canuck Dave who wrote (95167)	10/2/2012 9:43:01 PM
From: Box-By-The-Riviera™	Respond to of 218918

those filings have been required for over a decade or decades if not longer. i would have to look to pin it down. this is not news. at all, except to them.

To: Canuck Dave who wrote (95167)	10/3/2012 7:56:02 AM
From: elmatador	Respond to of 218918

Looks like a divorce proposal by the woman.

To: Canuck Dave who wrote (95167)	10/3/2012 4:26:45 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 218918

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