Chances of getting caught for not reporting foreign income
I'm a U.S. citizen. Looking to move to a different country. I will open a bank account there and get paid in their currency. If I don't report it to the IRS, how would they ever find out?
lol, don’t do that. Of all the 3 letter agencies to play games with the IRS is not one of them. Plus, you’ve literally just posted on blind about your intentions… not the brightest bulb in the bunch now are we?
How are they going to know it was them 🧐
Will you be paying taxes in new country ? If yes, then I think you should be ok.
I'm not sure of this, but I think the tax code says you must report all income even if it is from other countries. Now, probably, it's not required to pay taxes in both, but you still have to report it.
Well because your foreign bank has to report to the IRS for American citizens (FATCA) and the IRS is gonna figure out that you’re making income. Also you know there is the FEIE and the FTE right? You don’t have to pay double taxes.
Not every country participates in FATCA. FEIE is only $120k. What's FTE?
Foreign tax exclusion - taxes you paid in your origin country offset those you pay in the US. But if the country didn’t participate it fatca then it doesn’t have this tax treaty.
^^^This, the minute you try and open a foreign bank account you will have to declare you're nationality with proof. Your SSN will become a requirement, I suppose if you had another nationality you could declare that but definitely a tricky scenario.
about 90% long term
CRS