Originally Posted by
airspeed1974
While that's true about FATCA the IRS is not going to know how much you have in your account nor will they know you even have an account. All FBAR really does is try to scare taxpayers. The govt of China is not going to contact the IRS and even if the IRS was to ask I highly doubt they would even say as many accounts for employees here are opened by the company so the expat is technically not the owner.
While one should file about these accounts you don't need to worry about them knowing how much. The mayors property was too public. Stay quiet is the best way
The IRS WILL know about your account. That is what FATCA does, requires the foreign banks to report the accounts of any 'US persons' to the IRS. FBAR requires you, the individual, to report your accounts and FATCA requires the banks to report your accounts. Banks are being very skittish about FATCA because the US can hit them pretty harshly for failing to comply. Many banks are now simply refusing to offer any banking services to US expats to avoid running afoul of FATCA laws. I myself am a victim of this. China signed on to FATCA last year and will be complying with the reporting laws.
There is a lot of information out there about this. The bottom line is you are now playing with fire if you fail to report overseas accounts. And by playing with fire I mean losing all of your money and heading off to federal prison. Try hiding your money at your own risk...
PS - even if you are not the owner of the account, if you have any sort of signatory authority on the account, you must file a FBAR.
China Agrees to FATCA Compliance - China Briefing News
Hong Kong Banks Shut Down U.S. Accounts Rather Than Deal with FATCA - China Briefing News
Rich Chinese in Reach of New U.S. Tax Law Fatca - WSJ
10 Facts About FATCA, America's Manifest Destiny Law Changing Banking Worldwide - Forbes
FBAR Penalties | Failure to File
https://americansabroad.org/files/75...2/sheppar6.pdf