Cross posted from the Renounce U.S. Citizenship blog.
FEARBar – “Foreign Email Account Report” – #Offshore email reporting – coming to an informatio… https://t.co/uyufo1vZcf via @USCitizenAbroad
— U.S. Citizen Abroad (@USCitizenAbroad) June 22, 2017
The above tweet references a post written four years ago in June of 2013. The post predicted that at some point the United States would require disclosure (in addition to FATCA (Form 8938) and FBAR (FinCen 114) and other forms) the email accounts used by Americans abroad.
That post concluded with my prediction:
The purpose of FBAR and FATCA is to …
Provide the U.S. with information that is outside of its jurisdiction. In other words, the U.S. has no legal right to the information. Therefore, by threatening “life altering” penalties, the U.S. forces its citizens to provide this information to the U.S. government.
If the contents of bank accounts is important, then the contents of an email account would be even more valuable.
You heard it here first:
The next information return that the U.S. will require is the:
“Foreign Email Account Report” – FEARBar for short!
Congress will (like FATCA) unknowingly pass the general legislation (slipped in as part of a Hiring Act) and authorize the IRS to specify the contents of the return. What an Orwellian World!
FEARBar coming to an information return near you!
Continue reading “#FEARBar (“Foreign Email Account Report”) update – All indications lead to reporting #offshore email accounts”