The IRS uses the threat of severe FBAR penalties to frighten taxpayers into the Offshore Voluntary Disclosure initiatives (OVDI). Thanks to a document uncovered by Showdown, we now know that the IRS is bluffing. This is an example of bad faith.
Monthly Archives: February 2012
Ron Paul's letter to Timothy Geithner regarding FATCA
Ron Paul and three other members of Congress write to tax-cheat Secretary of the Treasury, the Honorable Timothy F. Geithner, to warn him of how foreign investors will pull their money out of the United States if FATCA is implemented.
Coalition for Tax Competition Letter Seeks Withdrawal of Destructive IRS Interest-Reporting Regulation
( Washington , D.C. , Tuesday, February 21, 2012) The Center for Freedom and Prosperity Foundation, joined by 23 of the country’s most influential free market and taxpayer rights organizations, sent a letter to Treasury Secretary Timothy Geithner urging withdrawal of an Internal Revenue Service (IRS) regulation that would discourage capital from the U.S. economy and weaken the American financial system.
OPT OUT OF YEAR 2012: Jack and Jill opt out and relinquish their US citizenship
Petros has learned that Steven J. Mopsick made one mistake about Jack and Jill: before paying their OVDI fines, they decide to opt out.
Tax Analysts reports that IRS Commissioner Doug Shulman will simply ignore his statutory duty to respond to TAD
Cross posted from RenounceUScitizenship
If this is true, it is will go down as one of the best examples of the worst judgment in the history of the IRS. You will find the complete write up on this story here:
EU Parliament and FATCA
I wanted to post a link to a recent article showing some favorible remarks from some members of European Parliament related to FATCA. It appears MEP Catherine Trautmann is of France is quite fond of FATCA and recently called for the EU and US to join together to make FATCA a new global standard. Trautmann appears to have no regard for the issues raised here.
Canadian Parliamentary Delegation Visiting DC This Week
Response from the Honourable Bob Rae, Leader of Liberal Party of Canada
Petros asked me put my post from another thread in a new post. Here it is:
I received a letter today from Bob Rae, Interim Leader of the Liberal Party (although letterhead says Liberal Leader—no reference to Interim. Hmmm).
The mentality of Mordor : Montreal couple Jack and Jill belong to the UNITED STATES / Jack et Jill, un couple montréalais, appartiennent aux ETATS UNIS
Petros responds to Steven J. Mopsick, 30-year IRS veteran latest comment, that some Canadians have probably found that the Overseas Voluntary Disclosure Initiative penalty of 27.5% is actually quite a good deal, since these Canadians are tax cheats and frauds. UPDATE: Steven J. Mopsick responds with a Jack and Jill scenario of a wealthy montréalais couple with a Swiss Bank account.
Press Release by American Citizens Abroad (ACA) – New Residency Based Taxation Proposal
American Citizens Abroad (ACA) Launches Residence-Based Taxation Proposal in Washington
Director Discusses Plan with Members of Congress, Joint Committee on Taxation
GENEVA – February 20, 2012: The Director of American Citizens Abroad (ACA), a non-partisan, non-profit organization representing the interests of U.S. citizens living outside the United States, today announced a new tax reform proposal unveiled with policymakers in Washington, D.C. These reforms are aimed at increasing American jobs, exports and competitiveness, as well as addressing the specific tax situation of Americans residing overseas.