Korean Job Discussion Forums

[AfroBurrito]

http://www.koreatimesus.com/?p=9496

[Adventurer]

I was told by an accountant connected to our family that we have to let the IRS know if we have any accounts with more than 10K while abroad. I have more than that, but in a US account, so I don't have to worry about that. I file my taxes every year. I'm not going to mess with the IRS. The author stated that 30 million won equals $280,000. I think she means $28,000. While I can understand some wanting to renounce citizenship because the US engages in double taxation instead of taxing you on the difference. If you say make a lot of money in a place like Australia, you will have to both Australian and American taxes, though you receive no services from the U.S. as you don't live there.

If they were mostly raised in South Korea and wanted to go back and feel more connected to the Old Country, they can do that. We have laws. You can't just benefit from the U.S. without having to pay your dues.

[AfroBurrito]

I agree wholeheartedly with the notion that one should be required to abide by the laws, even laws of taxation, regardless of how abhorrent they may be to many. Perhaps what is most vexing to many of those potentially impacted is that this is a fairly new occurrence? My reading of the article lead me to believe that up until now many of those Koreans had not had to disclose their holdings in Korea. They seem to be quite upset with the change. But alas, laws do that. They change.

[nora]

Who cares about this?

Tax is assessed on income earned, not on money possessed. They'll simply look and see that you have the money, then check to see if you declared income. If you didn't, they'll ask you about it. If you can't prove you earned it legally, then they'll go after you.

It's a bullshit law - violating our fourth amendment rights to be secure in our papers and effects - but unless you're earning more than 96k per year, you don't owe any taxes in the US.

Korean-Americans on the other hand might by in some trouble with the Korean Tax Service - I don't know much about their overseas rules…

[dairyairy]

http://www.youtube.com/watch?v=SuFScoO4tb0