re: 77,000 different foreign banks in 70 countries reporting to IRS now

That isn't it at all. NC was trying to pull a "gotcha" on me by using word play and semantics due to me using the word "stash" instead of invest.

His point was a US person who "stashes" their money in a foreign account that is not interest bearing doesn't have any income and doesn't have to report anything.

It was stupid for 3 reasons:

1. People who put money in offshore accounts aren't going to putit in a non interest bearing (at a minimum) account 99% of the time in the first place.

2. He thought he was being cute with his lil gotcha which is annoying.

3. He is wrong anyway. Whether it is income earning or not he still fricked up his gotcha trying to act smart.

Now if you have a question or wanted me to explain why the reporting is significant, I can, but briefly as I'm signing off soon.