Your Tax Question - 035

Dear John, I have money saved in an off shore account and I am told that I now have to report that money. Is this true? Thanks, Jim
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Hi Jim,

The treasury requires that you report to the government if you have $10,000 in total transactions, interest in, or balance of any signature foreign accounts. Unless of course you are a banker, but if you are a regular old Joe then you are required to file form Form TD F 90-20.1.

I will leave my opinion of this to the political pundits...

John

PS. I still have slots available in my client list if you are interested. Email me