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/biz/ - Business & Finance

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12452441 No.12452441 [Reply] [Original]

>open foreign bank account
>deposit money there
>don't report it to the IRS

Am I a retard? Why wouldn't this work?

>> No.12452448

>>12452441
i think thats the whole reason the swiss exists

>> No.12452453

>>12452448
*switzerland

>> No.12452464

>>12452441
Employer, banks, casinos, trading platforms report how much you make.
When their reports mismatch your report you get busted. It can take decades for them to catch you have fun

>> No.12452465

>>12452441
Good luck finding a foreign bank that is willing to open up an account for a US citizen without forcing you to jump through all sorts of hoops.

>> No.12452477

>>12452453
They are forced to provide information to the US if you are an American citizen with an account there. There are better fiscal paradises.

>> No.12452518
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12452518

>>12452465
Should have said "reputable" foreign bank. There are shithole banks that DGAF about US reporting regulations, but you do not want to keep your US dollars there.
>>12452464
They never go through decades of records for any but the biggest audits. If you are a small fish and it's been a decade, you are probably safe. That said, attempting to evade in the way OP describes is a bad idea for many different reasons.

>> No.12452767

Tax evasion will be impossible if the government can actually investigate properly. What if in the future they can see everything in real time with new quantum tech.

>> No.12452781

>what is FATCA
you can't escape risk free without citizenship renunciation

>> No.12453740

>They don't know that large amounts of earned income create a paper trail to the IRS from the other end too
>They don't know about FATCA
>lol just deposit the money in a foreign bank account

You're pretty dumb man. The IRS and FinCEN are just going to sit around and wait til you have enough money to be worth busting.

>> No.12453793

>>12452441

If you get away with it there's a chance once the IRS finds out you won't be able to return to the USA or face jail time.

Also a lot of countries like Switzerland are cooperating with the USA to prosecute these people and return them to the USA.

Caribbian is the new exit strategy.

>> No.12453882

its literally as simple as
>why is anon purchasing a lambo when he reported $10,000 supposedly last year?
>time to audit