Americas NEW IRS tool International Data Exchange Service

phuketrichard · Post by **phuketrichard** » Thu Jan 15, 2015 9:32 am

first there was the FATCA, http://en.wikipedia.org/wiki/Foreign_Ac ... liance_Act

which means all banks need report the deposits of all US account holders
and we need report to the IRS if at any time in a year we have MORE than $10,000 in any deposit

FATCA is probably the dumbest law in the history of the United States. And I don’t say that lightly, because there’s definitely stiff competition.

There’s no bank on the planet that likes FATCA.
The only reason they comply is because the US has a nuclear option: sign up for FATCA or else we’ll withhold 30% of all transfers that go through the United States.

This is a big deal for banks.

NOW this helps them;

WASHINGTON — The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of an intergovernmental agreement (IGA), as applicable.

More than 145,000 financial institutions have registered through the IRS FATCA Registration System. The U.S. has more than 110 IGAs, either signed or agreed in substance. Financial institutions and host country tax authorities will use IDES to provide the IRS information reports on financial accounts held by U.S. persons.

http://www.irs.gov/uac/Newsroom/IRS-Lau ... vice-FATCA

Already in Thailand and many countries banks no longer want to take an Americans money for deposit cause its to much trouble

PS:
where is the DOWN button?

frank lee bent · Post by **frank lee bent** » Thu Jan 15, 2015 10:30 am

IRS had a training mission for this in cambo for some months.

quite spendy.

Sailorman · Post by **Sailorman** » Fri Jan 16, 2015 8:09 am

IRS Nazi's, I hope there is a special place in hell for them. To get ride of them America needs to pass a 10% flat tax, no exceptions, no loopholes. I wonder how much personal income tax Bill Gates pays as a percentage of his income or Warren Buffit, or how much Microsoft pays, or Exxon, Dow Chem., Chase bank, Citicorp, Goldmen Sachs?

Bitte_Kein_Lexus · Post by **Bitte_Kein_Lexus** » Sat Jan 17, 2015 10:58 pm

In his defense, Warren Buffet has always been quite vocal in his distate for the American tax system. He has stated many times that it's ludicrous that his personal secretary pays a higher percentage of income tax than he does. He's been calling for reform for years.

Sir_Quality_U_Feel · Post by **Sir_Quality_U_Feel** » Mon Jan 19, 2015 2:05 pm

Why let facts get in the way