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FBAR est FUBAR

October 20, 2010

Another inspiring tale of international tax enforcement from Phil Hodgen:

I’m 33 and single, I’ve been living in France for 13 years, am naturalized French (and born American). I had NO idea about these reports until I started searching on tax information for stock options I need to cash due to leaving a company.

The worst part is I’m seriously considering revoking my American citizenship over it (it being thousands of dollars) – and as a proud American, it’s breaking my heart.

The glory of the tax law is that it has the same $10,000 fine (or half the account balance, if greater) for innocents abroad who don't know about Form TD F 90.122 as it does for international money-launderers. If you don't execute jaywalkers, how can you ever slap the wrists of multi-million dollar tax cheats?