Having a Swiss bank account is not so much fun these days. IRS got a firm grip on this matter, and that started when the Swiss bank giant UBS gave in. The weakest link UBS AG is one of the Switzerland’s largest bank. It provides financial services to the wealthy people around the world. ...
IRS surely has done a good job rocking the boat. For many Americans living overseas or foreign people living in the U.S, the news about FBAR got themselves a solid issue to worry about. File or no file? It hasn’t been much an issue before because it isn’t a common knowledge, so there must ...
With the accumulated database, IRS now can cross check your tax returns and FBAR filings and detect undisclosed incomes. It used to be a way to fight money laundering and terrorists, but now it helps the Treasury Department to uncover big source of government revenue. Therefore, you will see escalation effort by the ...