CanadianAtHeart post on the Expat Blog:
Please check the latest report from the IRS regarding the reopening of the OVDI. The memo is also on the IRS website. Not sure what it means that they are putting everyone in this program that came forward after the last one closed. New increased penalties, etc. Please read. IRS Offshore Programs Produce $4.4 Billion To Date for Nation?s Taxpayers; Offshore Voluntary Disclosure Program Reopens
Was this link in, memo dated October 26, 2011, response due date: January 26, 2012?
Good Lord — can’t wait to see the US comments.
If we get something out late tonight, Calgary, you will probably be only one still awake.
Here is a list of columnists in Canada who have covered the subject (except Chevreau, but it affects his readers [boomers] like crazy):
Margaret Wente, http://www.theglobeandmail.com/news/opinions/margaret-wente/
Don Cayo, Vancouver Sun,
Jaimie golombek, financial post
Jonathan Chevreau, Financial post
Here some other papers or TV outlets that should be contacted:
Toronto Sun, etc.
Ezra Levant, Sun News
List of email addresses in your email, Petros.
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ABC News has clearly drunk the Koolaid – EVERY American expat must be a tax cheat. I’m trying hard not to throw up – again.
I begin to think that it’s becoming too risky and onerous to hold onto my US citizenship, especially as they would almost certainly insist on remaining my dominant citizenship. My life is in Britain is becoming intolerable with all these compliance issues…I also learned yesterday that having to file numerous 8938s will probably more than double my accounting bill for this tax year.
I knew I faced a huge bill when I decided to clean up my mess but had had no inkling of how onerous and exoensive the ongoing compliance was going to be.
All this is going to do is benefit the accountants and attorneys who will rub their hands in glee over our vulnerability. I regret so much that I even invested abroad in the first place….wish i’d just kept to straightforward savings bonds.
I’ve concluded that investing only makes sense for the rich.
I want to believe the professionals are on our side but to be frank, I think they milk the situation to their advantage… it’s a complete racket.
The comments are pathetic. So far I’ve seen ABC, CNN, MSNBC, USA Today….it feels so hopeless that the general public will ever get it. Even the copy and the headlines are awful.
MSNBC “IRS Revives Plan to Forgive Tax Cheats” Grrrrrr
USA Today “IRS Commissioner Douglas Shulman, who announced the program’s renewal Monday, said previous efforts in 2009 and 2011 resulted in the collection so far of $4.4 billion from 33,000 people. He said the government could gain several times that amount, as a result of both the newest initiative plus people deciding against stashing their assets overseas in the first place.
Oh, Canadians deciding against stashing their assets overseas in the first place……….doh???
ABC “IRS Commissioner Douglas Shulman, who announced the program’s renewal Monday, said previous efforts in 2009 and 2011 resulted in the collection so far of $4.4 billion from 33,000 people, an amount he said “we never thought we’d reach.”
Hmmm, never thought they’d reach….hard to justify all this if they expected less than 4 billion (~ to two weeks of costs in Iraq)
What’s really disturbing is that this guy is from my hometown. 🙁