Re: and we have to deal with FBAR and FATCA?
 

Sorry, I wouldn't want to be accused of inciting class warfare. Allow me to rephrase: 'Do as we say, individual!'.

Senators Carl Levin and John McCain gave a recent comment about individuals. Allow me to paraphrase: 'There's no reason any individual should have an offshore bank account unless they intend to evade US income tax'. Millions of couch potato US voters agree with them. Therefore, it seems quite understandable, so what's the problem?

Damn, now I've called all those potential multi-billionaires couch potatoes.

Re: and we have to deal with FBAR and FATCA?
 

I'm evading US income tax with one of my offshore accounts. I cunningly have an account that no longer pays any interest!

Re: and we have to deal with FBAR and FATCA?
 

Well that certainly proves the good Senators' point. Anyone sneaky enough to have an offshore account that pays no interest is not only unpatriotic, but unAmerican to boot. What is the country coming to? It's a good thing the US remains one of the largest tax havens in the world, otherwise people like you would give it a bad name.

Re: and we have to deal with FBAR and FATCA?
 

But hiding money and avoiding tax are not the same thing, necessarily.

I mean look at Romney's tax return, a lot of his money is off-shore in blind trusts to avoid US taxes. Principle is the same as what these corporations are doing - but at least the corporations have to establish an office that is actually trading in the country where they've moved the money to. Private individual doesn't have to do that.

Re: and we have to deal with FBAR and FATCA?
 

What does that do? I thought the key criteria was the grand sum (>$10K) rather than how much interest is generated.

Re: and we have to deal with FBAR and FATCA?
 

Well, I was just making a weak joke. But you're right, I include that account in my FBAR filing and my form 8938. But obviously, no interest income, so I don't pay any tax. Even IRS can't squeeze blood out of a stone!

Re: and we have to deal with FBAR and FATCA?
 

Couch potatoes?
That's entirely too sniff, ahem....common:

They're sofa potatoes

Re: and we have to deal with FBAR and FATCA?
 

At least I didn't call them 'settee potatoes' relaxing in their 'lounge'. :)

Re: and we have to deal with FBAR and FATCA?
 

OMG
You are channelling my late mother!

Re: and we have to deal with FBAR and FATCA?
 

Hambonejunior, please post a new thread with your question. Questions, especially about tax issues, are always better posted on the open forum.