IRS tax law going after JA bank accounts

[Islandman]

US tax grab - J’cans among millions targeted by IRS
New US tax law may encourage illegal financial providers

BY JULIAN RICHARDSON Assistant business co-ordinator richardsonj@jamaicaobserver.com

Tuesday, April 17, 2012




THOUSANDS of Jamaicans will have their personal financial information released to American authorities if local banks sign on to a new tax compliance agreement in defiance of Jamaican law.

The US Foreign Account Tax Compliance Act (Fatca), which becomes effective next January, requires financial institutions around the world to identify whether their customers are "US persons".



Read more: http://www.jamaicaobserver.com/news/...#ixzz1sIwAmCaD

[Willi]

Dis a gwaan with Merka and Swiss long time...

[Bricktop]

If I am a dual citizen how does the local bank know that I am a resident/citizen of the US? I transact all my local business with local documents...

[Rudi]

I hope your bank have a branch in the Cockpit country. Barring that dog nyam you suppa. Don't think of going up against Uncle Sam. The Cockpit country transfer may turn out to be blessing in disguise. You lucky baba.

[Bricktop]

How will the bank know is my question? I don't open a local account with a social security #...

[Assasin]

Also if you open an account with someone in Jamaica, How will they deal with that?

Anyway a nuff man a go bawl.

[Jawge]

LOL poor yuh. NUh worry bout bank worry bout IRS. If yuh have inna di millions dem all haff pitcha ah yuh nice house. Is ah good while dis ah gwaan but it was hush hush in the elite circles. Pot a bile now so.........

Can see dat yuh not in di loop at all Uncle sam nah go pardon yuh if yuh haff a 90 t0 a 100 k and up still. If yuh is american wid yuh blue passport pay your taxes.

Lata mi real busy.

[Bricktop]

Since it's been going on for "a good while"...please explain how they know that you are a resident or citizen of the US?

[Islandman]

If you do not tell them they do not know unless you bank account so fat that them must notice it.

This is only a problem for the 1% who have nuff big cash transation and nah pay nuh tax.

[Islandman]

Technically Sass, if you on a joint account with someone and its more than 10K US you suppose to declare it on you taxes. In fact any assets not just bank accounts.

Will they bother looking for accounts with 11K-50K? I doubt it. Not worth the hassle right now. The fines are very steep though.

[Assasin]

Thanks for that Info Iman. Know a few people who do business overseas and stach them little bit inna Ja account.

[Time]

Since it's been going on for "a good while"...please explain how they know that you are a resident or citizen of the US?

Good point that information in other systems (passport, airlines, TSA) but uncle need to make the connection the bank systems. I guess if uncle spots you on his radar for another reason he may just ask the Jamaica Banks if they have any dollars for you and then you will have to pay up plus the penalties.

[Bricktop]

Good point that information in other systems (passport, airlines, TSA) but uncle need to make the connection the bank systems. I guess if uncle spots you on his radar for another reason he may just ask the Jamaica Banks if they have any dollars for you and then you will have to pay up plus the penalties.

By name only? US uses a SS#...Jamaica uses TRN#...so how do they know?

[Islandman]

Come on now Bricktop. If they really want to know because you are on thier radar they will find out.

They can track wire transfers, they can match addresses, they can look at your visits to the country in question, they can look at your CC transactions and where they were made and so on. They will know who you are.

[Bricktop]

I am talking about money earned outside of the US...it is still taxable...if you don't declare it how will they know?