Congress Wants to Criminalize Tax Accounts
Not satisfied with the draconian civil tax penalties for having an unreported foreign bank account, Congress is trying to make Foreign Tax Crimes a Money Laundering Offense – (subsec. 2(g) of the Fraud Enforcement and Recovery Act of 2009) (S. 386). This means if a US citizen does not reveal a foreign account it could be subject to an expensive prosecution and 20 years in Federal Prison!
see: http://www.TaxEsq.com
