Calvin Ayre, Canadian citizen and owner of Bodog, has been indicted by the United States, along with three other Canadians. Is this an example of a big time money launderer? Or is it just another example of U.S. extra-territorial judicial overreach? Meanwhile, check out Ayre’s website, bodog.com.
Here is the link to an article in the Christian Science Monitor which talks about how polarized the Congress is becoming. If the author is correct then I don’t think that expats can really expect much relief from Washington’s war against them. This is an example of why the argument that we have no representation is a valid one. Where will there be any voices that will listen to reason? Our only representation is through the legislative assemblies of the countries in which we reside and the fact that the governments of other countries are willing to stand up for people that the U.S. believes belong exculsively to them is what makes them even more angry.
I attended a U.S. tax seminar yesterday and where the following link was given out on what does not “constitute” reasonable cause for not filing your tax returns. If you use any of these reasons you can be assessed a 5000.00 penalty.
I can say that after coming out of that meeting yesterday I can only conclude that, unless one took a vow of poverty, it will be well nigh impossible to get out of this mess without incurring a lot of pain. According to the presenter the IRS is coming out sometime soon with guidelines on how dual citizens can become compliant.
Extraterritorial U.S. citizens number up into the millions. Say 6 to 7 million. Maybe more, and likely not less.
On the compliance side, Taxpayer Advocate Service says all FBAR filing added up to 218,840 for 2008.
For 1990 a total of 180,087 IRS Form 2555 were filed from outside the United States.