CAn the US government seek financial data from foreign accounts banks that are foreign located?

Question

SUppose u are an american and have a Hong Kong account with a Hong Kong bank located over there. Can the US government request your bank account info from them? SUpposely is for tax purposes.

Answer 1

I agree with bostonianinmo completely. Plus the Bush Administration practices "illegal wiretapping" and even though Attorney General Gonzales has resigned the "law" as interpreted by the White House is basically we can do anything we want to ... if we don't like a law we ignore it. So if the Bush Administration wants to know where you hide your money, what you eat for breakfast, who you email, talk to, or anything else they are going to do it.

Answer 2

In fact you are required to provide this information to IRS every year.

1. In you have foreign bank account or have invested in a foreign country, and the total amount at any time during the year exceeds $10,000 then do not ignore Part III (Foreign Accounts and Trusts) of Schedule B of Form 1040.

2. If you select Yes in line 7a of Part III, then you must complete Form TD F 90-22.1 and File with the Department of Treasury by June 30, 2008. If you are required to file and do not file it, the penalty may be up to $10,000 (or more in some cases).

3. The Form TD F 90-22.1 can be download from:
www.irs.gov

Answer 3

it rather is in many cases easyer to establish a distant places financial employer account. circulate money to it as mandatory. and characteristic a in u . s . a . debit card to apply there. If there residing or working . Like 24 hours to circulate money over 30 days each so often. in the event that they have a place of work right here in the U. S..

Answer 4

Sure. Happens all the time, particularly when there's a treaty for such information exchange in place. The US has tax treaties with many countries.