How Much Money are You Hiding in Your Swiss Bank Account?
August 27, 2009
The Bank Secrecy Act requires United States citizens holding a financial interest in, or signature or other authority over, a bank, securities or other financial account in a foreign country to report these accounts to the government.
Of course just because there’s a law requiring you to report the money doesn’t mean that people have abided by it. The Obama administration is cracking down on United States’ citizens and residents with foreign bank accounts that haven’t followed the rules. If you’ve been hiding money in your Swiss bank account, or any foreign accounts, and not properly reporting it to the IRS your chances of being hit with penalties and even jail time has gone up.
The good news is that if you’ve owned a foreign bank account in the past six years and have not disclosed it to the IRS their voluntary disclosure/amnesty program may help you out of a sticky situation. The IRS website is full of more information than you’d ever want to know about the voluntary disclosure but the amnesty only lasts another few weeks so check it out while you still can.
On a brighter note, here are some money tips from around the web that don’t involve the IRS : )
– Generation X Finance lists 8 Ways to Save on Auto Insurance.
– The Digerati Life takes a look at the California Unemployment Rate History: A Visual Guide.
– My Dollar Plan offers up some Budget Travel Tips.
– Frugal Dad has an intereresting post on how – Happiness For Others Comes From Contentment With Yourself.
– Lazy Man and Money goes over Budgeting with the Envelope System.
– Million Dollar Journey writes about Life Style Inflation.
– Sun is no longer offering cash back for Selling His House.
– Brip Blap talks about the Myth of Stable Employment.
– Consumerism Commentary ponders consumer confidence and whether We’re Out of the Woods.
– Bargaineering lists Four Money Lessons from Nature.
– Five Cent Nickel goes into detail on a Mortgage Escrow Account.
– Get Rich Slowly guest writer digs into a Home Appraisal.
– Free Money Finance looks at an example of How to Become Rich.
– No Credit Needed explains what he likes about Combining Finances.
– Mighty Bargain Hunter asks your opinion on Honesty and Negotiation.
All posts by Ben Edwards