The United States thoroughly investigates the overseas assets of wealthy people Those who seriously conceal themselves can be sentenced to jail (picture)

The United States conducts a thorough investigation of the overseas assets of wealthy people, and those who seriously conceal themselves can be sentenced to prison (picture) According to the China People's Broadcasting Station, another year of "tax filing"...

According to the China People's Broadcasting Station, it's the tax filing season again! With the national treasury in deficit and high debt levels, the U.S. government has stepped up efforts to trace the authenticity of Chinese people’s overseas accounts and overseas assets. Once found to have assets hidden overseas, the head of the household will be severely fined. Chinese people who want to immigrate to the United States are reminded to think twice before immigrating or investing in the United States in the future.

"Global Chinese Broadcasting Network" U.S. observer Yu Hao said that U.S. tax law stipulates that anyone who has lived in the United States for a long time, whether a U.S. citizen or a foreigner holding a U.S. green card, who owns assets of more than $50,000 overseas (that is, outside the United States) or has savings of more than $10,000 must declare to the U.S. government. In fact, this law existed as early as 1971, but it was not strictly enforced before.

After the Obama administration came to power, it has intensified its pursuit of Americans’ overseas assets, and launched the overseas asset declaration program twice, allowing Americans with overseas assets to confess and confess in order to receive leniency. If you conceal overseas assets and refuse to declare them, it will be deemed as intentional tax evasion. If found out, you will be severely fined, and in serious cases, you will be sentenced to prison.

By the end of the first round of voluntary declarations on October 15, 2009, the IRS had received a total of 15,000 overseas asset declarations, involving banks in more than 60 countries. Although this was just the tip of the iceberg, the U.S. government was not satisfied, so it launched a second round of voluntary declarations. With August 31 of this year as the deadline, before that, a Swiss bank known for protecting anonymous accounts provided the U.S. government with the names of more than 4,000 accounts, many of which were wealthy people who hid their assets overseas, because they wanted to reach a settlement with the U.S. government in a lawsuit.

This is like a stone that stirs up a thousand waves. The U.S. government warns Americans who hide their assets overseas not to take any chances, because in accordance with the requirements of the Foreign Account Tax Compliance Act passed by the United States, all foreign banks that want to operate in the United States must provide customer information to the U.S. Treasury Department starting from January 1, 2013, otherwise they will be deemed to be non-cooperative with the U.S. government.

Impact It has a great impact on the Chinese

What impact will this move have on the Chinese?

Yu Hao said that the impact on the Chinese can be said to be very large, because China is a big country that immigrate to the United States. Whether it is mainland China, Taiwan, or Hong Kong, there are about 2.5 million Chinese who are first-generation immigrants. These people have more or less economic ties with their ancestral places. Since the launch of the United States' first batch of overseas asset surrender plan, many Taiwanese people living in the United States have been in panic. Many people would rather give up their U.S. citizenship or green card in order to preserve their assets in Taiwan.

However, according to the provisions of the U.S. tax law, even if you give up your U.S. citizenship, the U.S. government can trace it back for 5 years and require you to pay the taxes and penalties you evaded by hiding the overseas assets you owned in the five years before you gave up your citizenship. After the IRS regulations were promulgated, the business of Chinese accounting firms in the United States became particularly good. Many people came to inquire about the information, and even more people continued to wait and see.

Reasons

High debt

Need “open source”

Why does the US government do this?

Yu Hao said that this is mainly because the U.S. government is now heavily in debt. In 2011, the U.S. federal deficit reached 1.4 trillion U.S. dollars. In the next few years, the total fiscal deficit of the federal government will reach 8.7 trillion U.S. dollars. The only way to solve such a huge financial burden is to increase revenue and reduce expenditure. To reduce expenditures, it is necessary to cut the expenditures of various departments, which is a relatively painful thing, and plugging tax loopholes can become an important means of increasing revenue.

The bottom line is that Americans have no money and now they need to find ways to get money. This is the main reason why there was a law requiring declaration of overseas assets but was not strictly implemented, and now we are starting to crack down hard, because this is a big gold mine.