Quote:
Originally Posted by SteveMD
If the IRS does find out, you are in very serious trouble indeed.
Firstly, you are required to declare under penalty of perjury, any such accounts.
Secondly (and this did it for me when I umm..looked into it) current secrecy and regulation requirments that a country may have with the US can easily change in the future. Imagine if suddenly, your offshore bank starts reporting to the IRS after a few years. I believe this has happened.
You will be sharing a 10 x 10 with Bubba.
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Why would they want to do that? What would make the off shore banks all of a sudden decide they want to share there info with the IRS, it dosent benefit them, if anything it hurts them... I dont see that happening. Where did you here this from? (at least i hope they dont lol) Please enlighten us with your sources.