Robert W. Wood THE TAX LAWYER

[Chex]

One piece of information that appears on most forms of ID is ‘place of birth’. Anyone born on US soil, so anyone with a US place of birth is a US taxpayer for life.


The tax evasion scandal prompted Congress to pass legislation which has made it easier for the IRS to identify offshore assets and has increased the filing requirements for foreign Americans, as well as the penalties for those who don’t comply. There’s little doubt that these new laws were drafted with the wealthy tax evader in mind. The penalty for failing to disclose an offshore account is the greater of $600,000 or 300% of the maximum balance of an account held over six years (the IRS has discretion to reduce the penalty). http://www.forbes.com/sites/kellyphi...-tax-invasion/