Please can anyone comfirm if a Dominican born and naturalized American citizen wont be affected by this law.
Please can anyone comfirm if a Dominican born and naturalized American citizen wont be affected by this law.
Marlon; forgot to tell you if you file in the U.S., i.R.S. requires disclosure of foreign accounts or severe penalties will apply.
Severe penalties to the bank? How can the IRS penalize Dominican Banks?
Marlon; if you do not tell, that you are naturalized..how is the bank going to know, provided you have local i.d. local drivers license and birth certificate and such.
if the IRS is reading this thread,they now know! i hope Marlon Rojas is not his real name.
Penalty for the tax payer not the baks! We always had to report ANY foreign income, worldwide income is to be reported even though not all is taxed. There is a substantial exemption for earned income but not so for investment income. If the IRS would enforce this law, then everyone will move their money abroad and pay no taxes.
If you have little money, declaring your bank account interest, will increase your tax bill bt pennies. If you have lots of money, well, good luck if you (or your heirs) ever need to repatriate your funds.
Don't want to lay taxes to the US government? No problem, give up your US citizenship!