IRS after Expats

[1234global]

Hello BA expats:
As you may know IRS is trying to "force" banks worldwide to report accounts held by American citizens overseas, the so called FATCA resolution-last year. The Latin American Banks Association has sent recently a letter to the IRS complaining about this "imposition", they want to negotiate with the IRS a fair solution that doesn't violate national laws, etc.
(I am NOT talking about the yearly statement expats have to do to the Treasury Dept.
if they have more than 10 K on bank accounts overseas)

QUESTION: does anybody know anything about how Argentinean banks are going to "comply" with this new IRS -not Tressury Dpt- demand, if they are going to comply, when,
and up to what point? Argentinean banks report to AFIP ( the Argent. IRS) the $ sums held in accounts at the end of the year.
Any response will be appreciated.
Thank you
Michael

 

[lomo]

The IRS is going after Asian banks big time, many Asians who have
a US green card/citizenship have significant savings outside US. The IRS relaxed the deadline twice, every time, people disclosed more to IRS, so it was a great game for IRS.

The Chinese bank refuse to disclose everyone, only willing to work with
IRS (which recently setup office in China) on a needed basis. US government
threats to punish all the banks who have business in US, but so far the Chinese banks are not very afraid, but knows what will happen later.

But it's tough for all the banks here (in terms of how to work with IRS)

So far all IRS asking is to disclose if you have more than 10k dollars in
a foreign account, according to my accountant, this does not include
real estate or other things.

 

[1234global]

Thanks Lomo
the 10 K overseas form is for the Treasury dept.
THis year (2011) the IRs has come out with a new form
to be sent to the IRS, if you have more than 50K abroad (100K
for couple filing jointly) when you are resident in the US. If you reside abroad the limit is higher.

The question as I said before is to see how will the Argent.
banks react to the IRs demand to open US citizens accounts.

We'll have to see also what is the cooperation between the Argent.
AFIP and the US IRS. There is a worlwide tendency for tax transparency
beyween countries. Any comments on this? Between AFIP and IRS?
Best and thanks
Michael