http://www.cnbc.com/id/44200169

This law was passed by Congress in 2009 and signed by BO in 2010. It was supposed to take effect Jan. 1, 2013. Its' implementation has been delayed until Jan. 1, 2014.

Many foreign banks are crying foul and some are threatening to not accept US citizen depositors as well as take other negative steps to avoid having to deal with it.

Maybe banks that are going to comply with this new law should issue armbands to their employees; one for the left arm with BO's mug on it, and the other for the right arm with the big, bold letters, "IRS".

This new law is in addition to the long-standing law (enacted in 1973, but not heavily enforced until the last few years) that requires US citizens/permanent US residents to report their foreign bank accounts and income derived frome them, that have an aggregate total balance of USD 10,000 or more, even if that balance threshold is met only for one day during the calendar year.

If you are required to report your accounts, and/or you have at least a 10% ownership in a foreign company, their are other forms/reporting requirements that you need to meet in order to be in compliance.

With the US budget deficit mess, the US is getting very aggressive in enforcing existing laws and enacting new ones. With the ever-rapid advances in technology, it gets easier and easier for the authorities to flush people out who are trying to hide. And, more and more countries/foreign banks are cutting deals with the IRS to hand over US citizen account data. Not trying to scare anyone or act as a stooge for the IRS, but just telling it like it is.

Yes. This law and the FBAR law has been discussed in other topics/posts such as this Topic.

And "new" in the subject line is misleading.

new edited out and post closed, please post in the already existing thread found here:

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