The Bank Privacy Report details the current state of federal US law regarding bank privacy and explore offshore options.
A reader, Alan Andersen who is a tax lawyer in Salt Lake City, and I exchanged comments via email which he has given permission to share and they were the catalyst for putting together this Bank Privacy Report.
And now it appears that the IRS is going even beyond that … In other words, either basis triggers reporting according to the IRS.
Regarding what the actual law says, it is just another one of those extremely vague and open-ended federal statutes that can mean anything a court says it means.
But typical of most tyrannies, the vagueness is intentional. One never knows exactly when one has crossed the line so that we are all at the mercy of federal prosecutors. We must cower and seek to obey 110%. Who needs trouble. What is scary to me is that but for your website, I would never in my wildest dreams thought I would have to report this, and I am a tax lawyer. How can a layman ever avoid being a criminal? Sad.