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Raise your Hand if You are Part of this group of 7500
10-17-2009, 02:41 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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Raise your Hand if You are Part of this group of 7500
Glad that that the feds will be getting these guys to fork over their taxes, but how many more could there be out there? Thousands? Millions?
OK, fess up, who's on this list?
Quote:
"Right now we are seeing disclosures about 240 banks in 70 countries on every continent except Antarctica," said Shott.
While not officially called an amnesty program, the IRS says those voluntarily disclosing their secret foreign accounts will likely avoid criminal prosecution.
"They'll pay all the tax and interest and they will pay a penalty," said Shott. "And usually the decision is that there will not be a criminal prosecution."
The penalty will include the forfeiture of one-fifth of the amount held in the foreign accounts.
"Some of our cases range as high as something over $100 million," said Michel.
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Thousands of Americans Admit Secret Bank Accounts as IRS Deadline Nears - ABC News
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Part-Owner of Texas
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In dire need of: faster horses, younger woman, older whiskey, more money.
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10-17-2009, 02:45 PM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,473
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Not me!! Though I can see the temptation to shop around all over the world for decent interest rates right now, even if I had nothing sneaky in mind.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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10-17-2009, 02:55 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
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In my dreams...
Go get 'em.
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"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
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10-17-2009, 02:59 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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A 20% penalty plus interest is quite a stiff price to pay. Not sure how much compliance they'll get with that.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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10-17-2009, 03:55 PM
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#5
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Recycles dryer sheets
Join Date: May 2008
Posts: 479
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Ziggy, if the other choice is "We'll make an example of you, and you get the cell next to Bernie Madoff"
The government may get quite a few takers
ta,
mew
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10-17-2009, 05:30 PM
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#6
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Hobo?
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No more lawyer stuff, no more political stuff, so no more CYA
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10-17-2009, 05:50 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 6,256
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In the interest of anonymity, should this be a poll question?
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"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
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10-17-2009, 11:47 PM
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#8
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by mickeyd
Glad that that the feds will be getting these guys to fork over their taxes, but how many more could there be out there? Thousands? Millions?
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I'm willing to take my chances...
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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10-18-2009, 04:29 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Sep 2009
Location: Hong Kong
Posts: 1,688
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Maybe they should have engaged Marc Rich as a consultant: Marc Rich - Wikipedia, the free encyclopedia
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Budgeting is a skill practised by people who are bad at politics.
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10-18-2009, 05:15 PM
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#10
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Recycles dryer sheets
Join Date: May 2008
Location: Treasure Coast
Posts: 472
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We have vacationed annually in a well-know tax haven for a number of years. When we first started going, I briefly considered the idea of stashing some cash there. I discussed it with my brother, who is a CPA. He put it in stark terms that jolted me back to reality: "Go ahead, but just remember that every time you sign your tax return you are committing a felony."
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