Seems to me that under current law, if you file a form 1040
with the IRS, you are already required to disclose any
foreign investments, or holdings, on an annual basis, or
it’s a felony.
“Seems to me that under current law, if you file a form 1040
with the IRS, you are already required to disclose any
foreign investments, or holdings, on an annual basis, or
it’s a felony.”
True. And file detail disclosure if it is over $10,000. The change is that the foreign entities will now be required to withhold 30% of US Citizens income as taxes and remit it to the US Treasury.
Canada already has a similar system and I am right now trying to clean up a big mess (over $50K due) for a new client who was entitled to a big refund but his accountant never filed the returns.