Chris wrote:If you owe more than $50,000, you're pretty damn rich, and can easily afford it. Pay up.
I guess you haven't been following the FATCA nonsense. If you fail to fill out the FBAR forms, the penalty is 50% of the total amount you have in your foreign bank accounts the first year, and 100% for each subsequent year you fail to file. So if you have US$10,000 in a Taiwanese bank account and you didn't do FBAR for 6 years, you'd owe $55,000. And this would be true even if you had no actual income during that time, but only had the savings in the bank. I know that sounds almost too ridiculous to believe, but it's true. I would not be at all surprised if many people here on this forum could fall into this trap if they aren't careful.
If you don't know what I'm talking about, google "FATCA horror stories".
Here's just one (of many):
http://www.theguardian.com/money/2014/s ... k-accounts
I don't know anything about you Chris, but if you're a US citizen, working in Taiwan, and you've saved over $10,000 and haven't been filing FBAR reports every year, then welcome to the club of people who could be losing their passports.