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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Wed Jul 16, 2008 9:09 pm Post subject: WHAT? Tax law in the USA... are you illegal? |
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| U.S. taxpayers are required to report all foreign financial accounts if their total value exceeds $10,000 at any point during a given year, prosecutors said. Failure to report the accounts can result in a penalty of up to 50 percent of the amount in the accounts. |
http://www.foxnews.com/story/0,2933,384481,00.html |
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red_devil
Joined: 30 Jun 2008
Location: Korea
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| Posted: Thu Jul 17, 2008 12:19 am Post subject: |
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This looks like it's in regards to putting assets in foreign banks in order to evade taxes...or deceptive bank practices that are marketing to foreigners.
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| "It is simply unacceptable that some individuals are using offshore tax havens and secrecy jurisdictions to shelter trillions of dollars from taxation, forcing working families to shoulder the burden," Sen. Norm Coleman of Minnesota said, adding that foreign banks were "exploiting gaping loopholes" in U.S. laws to act as "Al Capone safe houses for evading taxes." |
I doubt this applies to ESL teachers that have gone through the visa process. |
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