tag:blogger.com,1999:blog-1519969502186924526.post8293146352687438834..comments2023-10-24T08:00:53.865-05:00Comments on Federal Tax Crimes: Israeli Banks Advised to Prepare for FATCA Before Negotiations Finalized (3/19/14)Jack Townsendhttp://www.blogger.com/profile/14469823736335455874noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1519969502186924526.post-57618014682631618432014-03-19T08:24:24.879-05:002014-03-19T08:24:24.879-05:00....."The purpose of the act is to help U.S. ........"The purpose of the act is to help U.S. authorities collect any taxes <br />owed by U.S. citizens, wherever they may live, with accounts at banking <br />institutions outside the United States...."<br /><br />We all know by now that this is only 50% of the truth.<br /><br />The IRS is foremost interested in collecting FBAR and other Form penalties regardless of any taxes owed.<br />The real message is that the IRS views penalties as a revenue source, and that a cost-benefit analysis is performed around whether or not to assert penalties, and that only penalties that have high dollar amounts attached to them are worth enforcing.<br />http://www.aicpa.org/PRESS/PRESSRELEASES/2013/Pages/AICPA-Submits-Civil-Tax-Penalty-Reform-Proposals-to-Congress.aspx<br />http://profwilliambyrnes.com/2014/01/16/the-irs-median-offshore-penalty-580-of-tax-due-for-those-who-make-honest-mistakes/GlobalCapitalismnoreply@blogger.com