Not at all.
According to the Wall Street Journal, however, the biggest gun in the government’s war against undeclared offshore accounts is yet to come: a new provision of the Foreign Account Tax Compliance Act (FATCA), originally passed in 2010, that will take effect in July 2014. This new provision would require foreign financial institutions to report information about their U.S. account holders to the Internal Revenue Service (IRS). This includes both U.S. citizens and U.S. green card holders, no matter where they are living. “FATCA is a dragnet meant to force transparency and curtail tax evasion around the world,” Christine Ballard, an international tax specialist at the accounting firm Moss Adams, told the Wall Street Journal. “It affects millions of U.S. taxpayers both here and abroad. Some people are willfully evading U.S. taxes.