The Isaac Brock Society does not endorse tax professionals. However, I have been able to provide the following content, with permission, from Moodys LLP, tax advisors blog. It provides a useful summary of what FATCA will require the FFIs to do to detect the accounts of US persons.
“The acquisition of Canada this year, as far as the neighborhood of Quebec, will be a mere matter of marching.” (Thomas Jefferson, 1812)
“I have succeeded beyond expectation.” (Isaac Brock, 1812)
There have been two interesting articles in the past few days in the Globe and Mail about taxes in Canada. The tone of both of these is so completely different from the tone we’ve seen from IRS. I think this is a reflection of the greater respect CRA gives to its taxpayers–although neither article was written by CRA.
Discussion of the “arm wrestling” between Switzerland and the US, interview with US Ambassador to Switzerland. The video is in French, and you can use the links on the right under “Les séquences de l’émission” (they all start with “Wegelin”) to jump to the parts you want: Mise au Point
Credit here goes to an unnamed (by request) source who set me on the trail of this topic. A full version of the following report, with documentation, can be viewed at USxCanada InfoShop. [To avoid hassles of reformatting this complex item for a different WordPress theme.]
As the United States attempts to enforce tax and reporting compliance on millions of its extraterritorial citizens, a great majority of them presently noncompliant, what tools can it exercise?