Guest Post: Don't Forget - The Deadline To Come Clean Is This Thursday

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 06/27/2011 - 17:31 | 1406578 johngaltfla
johngaltfla's picture


Under the HIRE Act, Capital Controls.

Mon, 06/27/2011 - 17:46 | 1406627 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

I am afraid... that there is a problem, Mr. Jung. The banks have gone through a change. Nationalization. I am afraid that... your funds have been appropriated by the government. Please forgive me. My apologies.

$30M gone.

Mon, 06/27/2011 - 18:02 | 1406665 Hugh G Rection
Hugh G Rection's picture

The form is known as the FBAR.


You forgot the U.  It should be FUBAR

Mon, 06/27/2011 - 18:07 | 1406699 flacon
flacon's picture

Can we claim gold @$42.22/ounce like THEY do? In that case I have less than $10,000 worth of gold. 

Mon, 06/27/2011 - 18:21 | 1406722 Landotfree
Landotfree's picture

Now that is funny.  

Tue, 06/28/2011 - 02:47 | 1408065 Popo
Popo's picture

Dear US Citizen:

We own your ass.  You belong to us.  Do you understand that, serf?   Even if you live in another country all year long,  you still have to pay US taxes.    If you want to abandon your US citizenship for tax purposes,  the answer is "no":  We'll keep collecting taxes from you for an additional 10 years after you give up your US passport.  Why?  Because you are our bitch.  That's why.    

If you place money in a foreign bank,  you need to report back to us and tell us what you're doing even if it's outside of our jurisdiction.   In short:  There is nothing you can do to escape financial bondage.

Why?  Because we own your ass,  serf.   You think you are free?  Hahahaha.   You're property.   Your sole purpose in this world is generating tax revenue to feed the machine.   No matter where you run,  no matter what you do:  We will track you down and make you pay, slave.     Yes,  we know that citizens of other countries like England,  France, Japan,  Brazil, etc.  don't need to pay taxes to their respective governments if they live abroad.  But those people aren't 'property' like you are, serf.   You're an American and that means you're ours.   No matter where you live and no matter what you do,  we still own you and your earnings are ours.

Is that understood?  Oh, and if you resist we will imprison you.  And if you think you can "run out the clock" under the statute-of-limitations,  surprise!  There is no statute of limitations on tax debts.  We own you forever, bitch.

Thank you for your time,   

The Internal Revenue Service

Tue, 06/28/2011 - 15:23 | 1409696 molecool
molecool's picture

Actually, giving up one's U.S. citizenship is procedural if you are up to date with your IRS filings. All you have to do is to relocate, acquire a 2nd citizenship (or are lucky enough to already have one) and then to officially denounce your U.S. citizenship at a local consulate. It's all explained here:

Mon, 06/27/2011 - 18:54 | 1406822 tip e. canoe
tip e. canoe's picture

that actually is a very interesting legal argument to make, if one must.

Mon, 06/27/2011 - 18:08 | 1406700 flacon
flacon's picture

Can we claim gold @$42.22/ounce like THEY do? In that case I have less than $10,000 worth of gold. 

Mon, 06/27/2011 - 18:11 | 1406704 lincolnsteffens
lincolnsteffens's picture

Never noticed your nome de plume before. Far fucking out!


Mon, 06/27/2011 - 19:16 | 1406884 Pladizow
Pladizow's picture

Fuck these US Gov IRS Nazi's!

Tue, 06/28/2011 - 00:15 | 1407850 Popo
Popo's picture

Simon Black ... Working for Uncle Sam? This article seems like something from the IRS itself.

The whole article makes it seem like the reason you put money offshore is for dollar stability. Bullshit! The reason you put money offshore is to keep Uncle Sam's grubby fingers off it.

Signing a FuBAR defeats the entire purpose of offshore accounts.

My suspicion of Simon grows...

Mon, 06/27/2011 - 17:27 | 1406579 phraseshifter
phraseshifter's picture

Long sandbars...

Thu, 06/30/2011 - 08:08 | 1414917 Zero Govt
Zero Govt's picture

Short US citizens

Mon, 06/27/2011 - 17:34 | 1406585 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

U.S. citizens will put up with anything. The past 3 years have PROVEN that.

The average U.S. citizen must have a steel re-inforced asshole.

Mon, 06/27/2011 - 18:12 | 1406707 gall batter
gall batter's picture

The past three years?????

Mon, 06/27/2011 - 19:12 | 1406878 slewie the pi-rat
slewie the pi-rat's picture

it hardly seems possible!

Mon, 06/27/2011 - 18:12 | 1406709 chumbawamba
chumbawamba's picture


Mon, 06/27/2011 - 19:57 | 1407003 Hulk
Hulk's picture

Its just an oily anal seepage due to too much olestra ingestion...

Mon, 06/27/2011 - 18:56 | 1406833 gall batter
gall batter's picture

The past three years?????

Mon, 06/27/2011 - 19:10 | 1406864 slewie the pi-rat
slewie the pi-rat's picture


+ :44  +

Mon, 06/27/2011 - 19:45 | 1406962 gall batter
gall batter's picture

thanks, s pi-rat.  the only way to survive these years:

Mon, 06/27/2011 - 20:30 | 1407148 slewie the pi-rat
slewie the pi-rat's picture

ty2, g_b.

Mon, 06/27/2011 - 17:31 | 1406590 YesWeKahn
YesWeKahn's picture

Is this a joke?

Mon, 06/27/2011 - 17:51 | 1406626 nonclaim
nonclaim's picture

The idea is that you should provide evidence against yourself on your tax evasion strategies. So yes, kind of a joke and another lawful right flushed down the sewage pipe.

Mon, 06/27/2011 - 17:54 | 1406635 JohnG
JohnG's picture

Nope.  FBAR's are real.


Tue, 06/28/2011 - 00:03 | 1407827 Popo
Popo's picture

And if you accidentally forget to provide the US government with evidence against yourself?

Mon, 06/27/2011 - 17:38 | 1406607 Bastiat
Bastiat's picture

"The gold ruling is new this year, and we first reported this back in March. The Financial Crimes Enforcement Division (FinCEN) made it quite clear that any gold held in the custody of another firm or individual constituted a foreign financial account and needs to be reported on the FBAR."

So, as written, that would include gold held in a private vault in the US? 



Mon, 06/27/2011 - 17:49 | 1406641 Cole Younger
Cole Younger's picture

Maybe...but fuck them.

Mon, 06/27/2011 - 17:59 | 1406655 Bastiat
Bastiat's picture

It must mean foreign.  But it's interesting that what the IRS consideres a "collectible" is now consider a financial asset.  What about silver?

Mon, 06/27/2011 - 18:38 | 1406790 Silver Kiwi
Silver Kiwi's picture

what about the gold & silver under the bed??

Mon, 06/27/2011 - 21:22 | 1407299 RockyRacoon
RockyRacoon's picture

Not unless your Serta has a charter.

Mon, 06/27/2011 - 17:39 | 1406609 buzzsaw99
buzzsaw99's picture

telling the usa gubbermint about assets abroad defeats the purpose of having them there in the first place imo. corporations hold shitloads of cash abroad, nobody fvkks with them about it why should i play by their fukktarted rules?

Mon, 06/27/2011 - 17:54 | 1406634 Widowmaker
Widowmaker's picture

You bet your ass, this is exactly what is going on.

See, when Uncle Sam knows your privates, they sell that information, without your consent, and without you getting any part of that action.  Total ripoff by USA Inc.

TBTF corporations don't have to follow any rules related to money or transparency/disclosure or even truth. 

Next they will be trying to marry and vote.

Mon, 06/27/2011 - 18:10 | 1406697 nonclaim
nonclaim's picture

Next they will be trying to marry and vote.

They don't vote but choose/finance the candidates you vote for... as for the marriage process that goes as joint-venture, merger, buy-out, spin-off/out etc, same things with different names. Interesting huh?

Mon, 06/27/2011 - 18:02 | 1406664 drB
drB's picture

Most EU banks report any transfers/deposits of US residents to US government. Most Asian banks do the same. They have people by balls in any case - both if you report or do not report.

Mon, 06/27/2011 - 18:23 | 1406726 buzzsaw99
buzzsaw99's picture

bank? lulz

Mon, 06/27/2011 - 18:28 | 1406757 drB
drB's picture

An average person in US can not set up a corporation - while transfer to some reasonable bank (Singapore, Switzerland, Liechtenstein, Norway) can be done but the bank most likely will report this back to US. Holding Au or Ag at home presents some risks if shit hits the fan - risk of looting/stealing. I have not seen a reasonable way how someone who is not worth $xMM can hide his money, just slogans.

Mon, 06/27/2011 - 19:34 | 1406946 buzzsaw99
buzzsaw99's picture

Not where you can access it by wire. There is always a risk no matter what you do.

Mon, 06/27/2011 - 20:14 | 1407075 Boston
Boston's picture

How about opening a safe deposit box in Canada, and storing your PM's there.

Unlike Europe or Asia, Canada is accessible by car.  And because there's no electronic record of the box contents, there's nothing to report.

Tue, 06/28/2011 - 01:20 | 1407956 Tangurena
Tangurena's picture

You still need a passport and positive permission from DHS to leave the US via car. So if for some reason the Department of State decides that they don't want to renew your passport, you are going to have some trouble getting to your lewts.

Tue, 06/28/2011 - 08:51 | 1408379 Boston
Boston's picture

Just did it.  Passport yes (good for another half decade); DHS permission, nope.

Also, I know here in New England at least, there are many small road, "honor system" crossings, where no guards are stationed.  Most of these are for locals who cross over, back and forth, regularly.  I can get across, no problem, trust me.


Mon, 06/27/2011 - 21:39 | 1407334 i-dog
i-dog's picture

"Holding Au or Ag at home presents some risks if shit hits the fan - risk of looting/stealing"

Cheeses, the bankstas have the sheep well trained!!!

Ummm ... what's your definition of "when TSHTF"? ... errrr, bank holiday? gold confiscation? government looting of safety deposit boxes? ATMs offline? SLV/PSLV default? mint/commercial vaults frozen? airports closure?

What are the odds of all of the above in the event of TSHTF? 1:1

What are the odds of an individual being robbed of well-hidden gold at home? 20:1 ... 100:1 ... 1,000:1 ... 10,000:1?

Tue, 06/28/2011 - 17:05 | 1410013 naughtius maximus
naughtius maximus's picture

If you don't want to be robbed then don't tell anyone there is anything worth robbing you of in your house.

Tue, 06/28/2011 - 04:38 | 1408131 LudwigVon
LudwigVon's picture

"I have not seen a reasonable way how someone ... can hide his money"


You have GOT to be kidding me. They have been around forever. Pirates even had them. If it must be hidden then do just that, hide it in your home. If you rent, find a place you will stay for a while, and hide it there. Preferably you move to a state which still obeys they constitution regarding defending said property should anyones life be at risk. This is how America was meant to be. Sound money, sound communties via the lack of inflation ensuring poverty combined with the profligacy of armed homes.

Tue, 06/28/2011 - 01:52 | 1408008 Oracle of Kypseli
Oracle of Kypseli's picture

If you gonna have a foreign account you should have at least $50k otherwise, I suggest a good mattress. If you have $50k, then you can afford $10k for a foreign passport.

Those who have travelled and worked in other countries, are comfortable doing this and know which countries will give you passports. If you have the need, the money and the desire to do this, you will find the way. Stay away from banks that have branches in the US.

Mon, 06/27/2011 - 18:00 | 1406669 SilverIsKing
SilverIsKing's picture

Good point.  How about setting up a corporation in Belize which then opens bank accounts in Europe or Asia?

a) Would a FBAR be required since the individual would not personally have a foreign bank account?

b) Would earnings of the Belize based company be taxable in the US if the funds remain in the bank accounts in Europe and/or Asia?

Mon, 06/27/2011 - 20:30 | 1407165 FeralSerf
FeralSerf's picture

They've got you covered.  There's probably a special exemption if your name is Cheney, Rumsfeld, Bush, etc.

"US taxpayers are obliged to report all foreign financial accounts in which they have either a beneficial interest or signature authority, so long as the aggregate value of all the accounts exceeds $10,000 at any time during the calendar year. . ."

Mon, 06/27/2011 - 20:40 | 1407186 YHC-FTSE
YHC-FTSE's picture

Hell, if Bush, Rumsfeld, Cheney and their friends at Haliburton and Blackwater shell companies fail to disclose some of their 1.9 Trillion dollars in deposits in Cayman Island accounts why should YOU? 

Tue, 06/28/2011 - 00:13 | 1407844 sun tzu
sun tzu's picture

Bush, Rumsfeld, Cheney


Get with the times. It ain't 2008 anymore

Do NOT follow this link or you will be banned from the site!