Comments on: Amnesty penalty deal no longer available – confirmed http://www.hodgen.com/amnesty-penalty-deal-no-longer-available-confirmed/ International and US Tax Law Fri, 03 Sep 2010 03:45:22 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: dianne http://www.hodgen.com/amnesty-penalty-deal-no-longer-available-confirmed/comment-page-1/#comment-237 dianne Sun, 25 Oct 2009 04:24:37 +0000 http://www.hodgen.com/?p=1709#comment-237 Dear Phil- I dont get it. If any money a US citizen legally makes and it is already taxed by the US govt and is placed in a foreign bank for retirement purposes (US citizen has a retirement prop there) and there is little to no interest earned, then what is this all about? If it's not income earned in another country but just a savings/checking account, how can there be backtaxes on $ already taxed? And what are the penalities for not filing this form or filing it late? Dear Phil-
I dont get it. If any money a US citizen legally makes and it is already taxed by the US govt and is placed in a foreign bank for retirement purposes (US citizen has a retirement prop there) and there is little to no interest earned, then what is this all about? If it’s not income earned in another country but just a savings/checking account, how can there be backtaxes on $ already taxed? And what are the penalities for not filing this form or filing it late?

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