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Invisibleunknown1123
Experimental

Registered: 05/15/08
Posts: 5,813
Isn't this a little over stepping their boundaries? IRS Related
    #18895681 - 09/26/13 08:02 PM (10 years, 4 months ago)

FATCA


The Foreign Account Tax Compliance Act (FATCA) is a portion of the 2010 Hiring Incentives to Restore Employment (HIRE) Act that requires individuals to report their financial accounts held outside of the United States and foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients. FATCA was designed primarily to combat offshore tax evasion and recoup federal tax revenues.

http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act
http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-%28FATCA%29
http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx



This seems a little crazy to me, I mean I get the whole tax evasion and stuff. But if a foreign bank doesn't follow these rules, the IRS can withhold 30% of its interest payments and mortgage revenue. That's getting a little too intense for me.

Some American's are giving up their citizenship because of it.

http://www.bbc.co.uk/news/magazine-24135021


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OfflineTmethylM
Smear in the shale
 User Gallery

Registered: 07/16/12
Posts: 16,431
Loc: Florida
Last seen: 1 year, 5 months
Re: Isn't this a little over stepping their boundaries? IRS Related [Re: unknown1123]
    #18895908 - 09/26/13 08:40 PM (10 years, 4 months ago)

Wow, impressively fucked.
Down and down we go, where this ends, nobody kn... who gives a fuck just leave America ASAP :lol:


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Invisibleazur
God of Fuck
Male User Gallery

Registered: 04/21/12
Posts: 28,103
Loc: Daid
Re: Isn't this a little over stepping their boundaries? IRS Related [Re: Tmethyl]
    #18895945 - 09/26/13 08:50 PM (10 years, 4 months ago)

Fucking IRS.

The past two years I filed extensions and nothing more.  About 8 months ago I called them to get caught up.  They were surprisingly nice.  Told me they'd mail me paperwork within a month and to fill it out and send it in. 13 days later I'm at the fresh market getting fruits for the ride to the mountains with my children for our vacation and I swipe my debit card.  Declined!  I'm like wtf.  So I look up my bank and I had -270$  I then drove to the bank and they said the IRS took my loot. Almost $14,000.  And I had -270$ because the bank charged me $100 per account (2 accounts) and then overdrafts of 35 per account.
So next day I contact IRS and they gave me the run around.  A week later I get a bill of $29,500 due immediately. Fuckers.


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