Note the following comment from Steven Mopsick:
The law which requires U.S. Persons to submit worldwide income to US taxation must be changed. It is unfair, it makes no sense, and it has a chilling effect on commerce, jobs creation, and free trade. Perhaps more importantly, our world image has suffered enough over the last few decades. People over the world who have been on the fence about whether America has lost its mind can only be convinced with this new compliance initiative which removes all doubt.
Thought I would thank him in a more public way as follows:
#Americansabroad thank @mospicktaxlaw for stand on citizenship-based tax #FBAR #FATCA #OVDI – Thanks for listening! rendezvous.blogs.nytimes.com/2012/04/16/ame…
— U.S. Citizen Abroad (@USCitizenAbroad) April 18, 2012
Congratulations also to the Isaac Brock Society for the role it may have played in generating this comment!
LOL! @Just Me: yes that is it. http://www.mopsicktaxlaw.com/TechnicalExplanation.pdf
The Joint Committee explanation of FATCA. It is rather long and you will have to page through it to find all the good parts and I especially recommend it as reading material for anyone who is having trouble sleeping at night. It will surely put you right to sleep!
@ 30 Year IRS Vet
Well thanks for that suggestion … if only you had posted it last night when I had a particularly bad sleepless night. I’m firing the useless sheep and keeping that pdf handy from now on.
@Em: Sheep?!? How many?!? Have you reported them to IRS in your FBAR? Or maybe it’s a FSAR (Foreign Sheep Account Report). Don’t worry. You can claim your CMT (Canadian Moose Tax) paid to CRA as a credit to offset the FSAR, so you should be OK.
Sweet dreams tonight.
@ Blaze — LOL! Sweet dreams to everyone tonight.
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Thanks Steven! “The law which requires U.S. Persons to submit worldwide income to US taxation must be changed. It is unfair, it makes no sense, and it has a chilling effect on commerce, jobs creation, and free trade. Perhaps more importantly, our world image has suffered enough over the last few decades. People from all over the world who have been on the fence about whether America has lost its mind, can only be convinced that we have with this new compliance initiative.” That was well put. Many people I meet abroad think I’ve lost my mind when I try to explain US extraterritorial tax policy to them– it goes against everyone’s notion that taxation is residence-based.
Woo-hoo! Let me add my unqualified thanks and praise to Steven for his comment, with a warm welcom back! Finally some evidence that people south of the border are starting to “get it!” Including people with intimate past connections with the IRS!
Re the suggestion that Steven run for VP — I wouldn’t wish that on my worst enemy. Who was it, John Nance Gardiner I think, who once said “the vice presidency isn’t worth a pitcher of warm ‘spit'” though I’m pretty sure the four-letter word he actually used wasn’t “spit” but another word that shares three of the same letters. Though maybe Dick Cheney would disagree, but let’s hope the US never gets another one like him …
My own US sister expressed stunned amazement and then outrage when I explained to her recently that our brother-in-law’s sister, who is US born and as far as I know still a US citizen technically at least, and who has lived and worked only in Geneva Switzerland for at least the past 30 years since I first met her at my other sister’s wedding, is probably sweating bullets and potentially being done over by the IRS because she has banking accounts in Geneva (of course she does, she lives and works there and has for decades). I think once some of this sinks into the consciousness of some Americans at least, there will be some very real political blow-back. My US sister voted for Obama last time and says she wants a “none of the above” choice on the election ballot for president, congress, and senate in November. Not sure how she’ll vote in the end, but there isn’t a snowball’s chance she’ll campaign for or contribute to anyone after this. She’s a family farmer, and you don’t want to wind her up about IRS codes and forms and regulations unless you have an hour or two to spare … she understands the tax-code-incomprehensibility frustrations very thoroughly.
Anyway, bravo Steven, and thank you!
@Schubert: Yes, some of them are “getting it.” On learning of this quagmire, my sister’s partner said “Why do we wonder why people don’t like us?”
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