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As I said, the "related regulations necessary to prevent abuse." The FBAR and foreign asset reporting requirements which you are referring to are the direct ou
by rprasad 15y ago
As I said, the "related regulations necessary to prevent abuse." The FBAR and foreign asset reporting requirements which you are referring to are the direct outgrowth of wealthy Americans using offshore accounts and investments to evade taxes.
Prior to this abuse, investing in foreign assets or using offshore bank accounts was siginificantly less complex.
- beagle3 15y ago> related regulations necessary to prevent abuse. While we could argue about the merits of FBAR in preventing said abuse (apparently, the IRS and treasury do not believe it is useful given the recent FATCA upgrade it got), I don't want to go there. Your statement: > (1) The tax system is very simple if you're not trying to game the system to minimize your tax burden. Is demonstrably wrong. e.g. naturalized citizens who still have some assets in their country of origin (or even natural born citizens who inherit such assets), are subject to complicated tax filing whether or not they try to game the system or minimize their taxes.