A moment ago I posted about the effect of OVDI on U.S. expats. This post will highlight the effect of OVDI on U.S. immigrants. My heart goes out to this person. He thought by immigrating to the U.S. he was coming to the home of the free. He thought he was coming to “that great citadel of freedom and justice”. Here is a summary of his experience. Note that his life is not OVDI related work.
“To Anonymous Sep 17 6:12 PM:
Tell me about it.
First the Government trapped me into committing an offense that I did not intend to commit (i.e. by not publicizing the FBAR rule esp to immigrants like myself).
Yet I decided to do the right thing (or so I thought) and joined the OVDI inspite of the hefty totally out-of-proportion fines it entails. But as I collect information to start working on my amendments (I have filed for extension), I am shocked by just how difficult and painful the whole process is.
Anything for “peace of mind”…I had thought. But I am in a worse mental state after joining the OVDI. Not to mention that I will also be a pauper at the end of it.
For starters, getting all information from 8 years ago has been a nightmare of sorts. Then there are so many grey areas on how different tax situations will be treated and how penalty will be computed. Even the OVDI Hotline folks don’t give me unequivocal answers to many of my questions.
My CPA tells me that I should be very careful and not come across as hiding anything. Well, I have no intention to hide anything (because I have no skeletons to hide) but given that there is no one answer to many situations – I am stressed out thinking I will state something wrongly and will be considered fraudulent. So much for peace of mind.
Finally, there is this uncertainty on how much penalty I will have to really pay OR will I be forced to “opt-out” and deal with more uncertainty.
You would think they will make it easy for people to do the right thing. But this one is shaping to be nothing but super stessful.
And to make things worse…we probably have to wait 2 years for a closure (if there will be such a thing). Somebody mentioned about lost LCU (Life Credit Units). Its unbelivable I will be spending 2 years in a limbo of sorts while life will pass me by.
Is it all worth it?
I am seriously having second thoughts.
For 10 years I loved this country, worked hard as an immigrant and celebrated my rewards. My only brush with the law was a speeding ticket.
Then this FBAR thing came from the left field and turned my life upside down.
I don’t see America quite the same way now. I feel cheated and duped by the Government that I thought was the most fair in the world. Now I seriously don’t see myself living here for the long term.
I feel I am having to pay for America’s budget deficit problem. Nothing else explains this one-size fits all OVDI policy.
It is sad that there is not one story in US media on how this FBAR thing is ruining lives of families like mine. And why don’t I hear of any lawsuits?
To add insult to injury – the media is branding me a “tax cheat” for having done the right thing.
The bottomline is I am looking at a penalty of about 100K for no reason other than ignorance of a law that was poorly advertised and (from what I understand) barely enforced until 2-3 years ago.”