Itís Your Money > Taxes

Who's FATCA anyway? Should anyone be afraid of FATCA?

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Steve & Myrlita:
In other words....Report it or we take it.....Don't like it? Too bad.....It doesn't matter.....We are the IRS and you now work for us...... :D Couldn't resist that one. God Bless.....

Gray Wolf:
That just about sums it up, brother Steve!   :)

swandivr:
Ok.Late to the party.

What is all this gibberish anyway?Does this pertain to any business interests we might have in the PI?The IRS is just wanting to make sure everyone "pays up" (excluding Exxon GE Westinghouse etc.)? This takes effect in 2015? I have an inheritance coming in the next few months.I want to deposit it in my bank here,but I sure as heck don't want it confiscated.

Anybody?

coleman2347:
The way I see it, is if your married to a Philippine citizen and you trust them (why would you get married if you didn't) then just put everything in their name.  Problem solved..If your not, Im sure there are ways....think, for the most part things here are not on computer, most of the stuff I run into here is kept in a file drawer somewhere..

Lee2:
I had filed those reports numerous times over the years when buying or paying off our condos in the Philippines and to date I have had no issues. I believe they look for much larger sums. which IMO would be over $100,000, even though they require reports on $10,000. IMHO if the money comes from legitimate sources, then I feel there is nothing to worry about, in relations to filing the proper forms. I feel we would have to worry if we did not file the required form since the govt could then confiscate our money or possibly toss us into jail. Why take the chance is my opinion, file the report and not have to look over your shoulder the rest of your life waiting for the hammer to possibly fall.

I suspect the govt could also confiscate your social security to cover the taxes or fees for violations that they feel was due them. I know of an expat in the Philippines who had half his ss taken to pay back child support that was from way in the past, so if they could do it for that, I am sure they could also do it for a fine or back money owned them.

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