Catching Minnows Instead of Whales

I like Joe Kristan’s terminology for the IRS’ efforts going after anyone who hasn’t filed an FBAR…even if they don’t really owe any additional tax: Using a shotgun to get jaywalkers. Of course, that’s all part of the kindler, gentler IRS….

Well, the FBAR and current Offshore Voluntary Disclosure program are getting attention north of the border. Don Cayo of the Vancouver Sun has written two excellent article on the situation: “Americans living in Canada risk facing massive tax penalties” and Ordinary citizens or big banks: the IRS threatens them all.

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One Response to “Catching Minnows Instead of Whales”

  1. […] Last Sunday I linked to two well-written articles by Don Cayo of the Vancouver Sun. One question that has interested individuals residing in Canada who are impacted by FBAR (Form TD F 90-22.1) is whether the Canadian tax authorities would collect penalties on behalf of the IRS. […]