

Report of Foreign Bank and Financial Accounts (FBAR)

www.irs.gov



How does that severely conservative saying go?



If you haven't done anything wrong -- then you don't have anything to worry about {as we rifle through all your papers, virtual or otherwise.} Step back please.

Funny how Romney always looks SOOO worried, eh?



Let's see, American Investors with foreign Bank Accounts, were required to file FBAR reports with the IRS each year -- Any guesses on how many of them do? Kind of defeats the offshore-purpose, doesn't it?



Mitt Romney Taxes For 2010 Not Fully Disclosed

by Zach Cater and Ryan Grim, huffingtonpost.com -- July 19, 2012



[...]

Romney released his 2010 tax return in January of this year, a document that first informed voters about the existence of his Swiss bank account and financial activities in Bermuda and the Cayman Islands. But people who own foreign bank accounts are required to file a separate document with the IRS that provides additional details on such overseas bank holdings, and Romney has not released that form to the public .

[...] Tax experts say it is almost certain that Romney did file the form, known as a Report on Foreign Bank and Financial Accounts, or “FBAR” in accountant slang. The penalty for not filing an FBAR can be severe , and the IRS would have expected to receive the form since Romney listed the Swiss bank account on his tax return. Listing the account on his tax return and then failing to file the subsequent FBAR would have been asking for a hefty fine, and would probably have heightened IRS scrutiny of prior tax filings.

[...]

Well back in the last decade, the U.S. 'Capital Gains Drain' got so bad that, the IRS offered those Tax Evaders a retroactive offer to file all those missing FBAR reports -- a one-time chance to get right-by-them.

In short: Tax Evasion IRS Amnesty would be granted -- no fewer questions asked. Step right up, Tax Dodgers.



Deadline looms for Americans to disclose accounts in foreign tax havens

by Stuart Pfeifer, LATimes.com -- October 13, 2009



Wealthy U.S. taxpayers, concerned about an Internal Revenue Service crackdown on the use of secret overseas bank accounts as tax havens, are rushing to meet a Thursday deadline to disclose those accounts or face possible criminal prosecution. The concern was triggered this summer when Switzerland's largest bank [UBS], caught up in an international tax evasion dispute, said it would disclose the names of more than 4,000 of its U.S. account holders. The decision shattered a long-held belief that Swiss banks would guard the identities of its American customers as carefully as they did their money, and it raised concern that other international tax havens might be next. Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for having failed to report their overseas accounts. As a result, tax attorneys across the nation have been besieged by wealthy clients who are lining up to apply even though they will still face big financial penalties.

[...]

Makes you wonder if Mitt jumped on the offer for Amnesty -- or risked facing the wrath of the IRS super-sleuths?

If Mitt was one of the USB 4000 to be named later -- he most certainly did.

Afterall he's perpetually running for president for Pete's sake!



