Liberty and justice for all United States persons abroad

The Isaac Brock Society

45 thoughts on “How did I miss notice about public hearings on FATCA?”

  5. @bubblebustin
    ‘is FATCA really a fait accompli?’ I truly believe some form of FATCA is a fait accompli. Wish I did not feel that way but I do not think it is ‘going away’. Perhaps with countries like Canada fighting for it, it will be in some form that we will be able to live with. However, we here in Canada, are faced with our banks having a large presence in the U.S. and the “Big 6” also pay taxes here in Canada and also want to continue to do business in the U.S.

  6. FATCA doesn’t look like its going anywhere soon. After the big 5 EU countries sold out it was downhill from there. Now we are even hearing that China and Russia are likely to give in. The only positive is that it looks like it will take years to actually get FATCA up and running properly, after which time most of the people in the know will be able to hopefully obtain a second nationality if they don’t already have one and renounce before withholding and all of the real problems start. It remains to be seen though how (or even if?) US only citizens in some European countries will be able to survive that long due to bank accounts being forced closed here. Those of you in Canada seem also to be much better protected by your government than US citizens in other countries are.

  9. @DonPomodoro

    I believe there is a real problem here in Canada with FATCA if implemented by the Canadian government into domestic law conflicting with the Charter of Rights and Freedoms(and yes no matter whatever you might think about the power of the US there is no getting around the Charter).

  10. @markpinetree;
    I read that Moody’s post, but there were no specifics – was it implying that there would be details soon?

  11. Supposedly an announcement was going to be made many months ago but nothing has come of it.

  12. @Tim, that is why I was surprised to see the Moody’s page seemed to have been updated as of last week – it was dated late April 2012?

  13. @badger

    A few observations to make you might want to think about in terms of timeline

    1. Its now May which means we are very close to the hot and muggy season in Washington, DC (right now it is 23 degrees at National Airport). Do really think by July the staff at US Treasury and IRS is really going to want to be burning the midnight oil on any new initiatives.

    2. The Commissioner of the IRS is out the door in November

    3. The Secretary of Treasury is out the door in January even if Obama wins again.

    4. The head person role for tax policy at the US Treasury department is technically unfilled with that positions deputy(Emily McMahon) in the role in an acting capacity.

    5. You have an US election in November.

  14. Sorry @Tim, but I’m not astute enough to put it all together – would you say that means that all will stay status quo until after the election?

  15. @badger

    Yes. Unless it becomes a major crisis prior which not be in the interest of either the Republicans or Democrats. I also believe from studying the most recent FATCA comment letters FATCA will be delayed from July 1 2013 to July 1 2014. Again buying the US more time. Essentially we will continue to be in Amb. Jacobson hold tight for a while longer.

  16. not new news, but just to see what is out there today:
    http://business.financialpost.com/2012/05/15/canadian-bankers-head-to-washington-to-object-to-u-s-tax-regulations/
    “Canadian bankers head to Washington to object to U.S. tax regulations:
    Barbara Shecter May 15, 2012 – 12:04 PM ET

    “Canadian bankers have sent a continent to Washington to make a case against proposed regulations that some suggest conscript Canada’s financial institutions as an arm of the Internal Revenue Service.”

  17. Kind of pessimist. I don’t believe anything will stop FATCA and as we know it is very difficult to convince the US people that this is hurting innocent and law abiding citizens who live and work abroad. Apparently President Obama is not going to look at this and may be losing a lot of absentee votes. Insofar as I can tell the great majority of Americans Abroad, Dual Citizens and Greencarders still don’t know about FATCA and FBARS. In my worse moments I believe that this is desirable from the IRS side because then it can penalize them when they find out.I live in fear, waking up at night and this is affecting my mental well being. Yet I have not done anything wrong. I never had such a feeling since I became an American. Let me repeat things that are affecting my well being:
    Not having know about FBARS until 2009.
    Every year, with 79 years old, having to pay SS Self employment Tax to two countries.
    Pay US Tax on income that is not taxable in my country of residence: pension and savings.
    I feel there is not reason fro me to hide income because of the tax credits and earned income exclusion. SO I am not afraid of FATCA. Things like this.

  18. @badger

    “Canadian bankers have sent a continent to Washington…”

    Yes, the article really does say “a continent”. Wonder how they got that through the scanners at airport security 🙂

  19. @markpinetree;
    I empathize with your suffering at night and the toll on your health – I feel the same, psychologically speaking. It is not necessary, is not producing any good, constructive or desirable effect, and is not ethical – and cannot be justified.
    take care.

    @watcher: I wish the contingent was that large!

  21. Unfortunately, US doesn’t care if it shoots a mouse with an elephant gun. It gets the mouse and leaves behind the elephant. And, why should they shoot the elephant anyway?

  24. I don’t think so. Americans love this: public meetings ti legitimize what they will do anyway. The Treasury (USA) is indeed shooting in all directions, wildly, to collect money from what they say are tax cheaters. In this way they gain public opinion. And, they want to get us not on taxes because they can’t double tax us but on penalties for not knowing what to do. Smart indeed. But very unfair. I am not afraid of FATCA because I do declare in my FBARS all my bank accounts in Brazil. I am afraid of FBARS and penalties. They are a trap to collect money. We, Americans Abroad, need representation and the power to elect our representatives. In the mean time, let’s join ACA: http://www.aca.ch

  25. @Mark: Agree. All of this is a trap. That’s why IRS has a 72,000 (or is it 76,000?) page tax code so no one can figure it out.

    In an article I read in another thread today (There are so many, I’m losing track), someone suggested FATCA be simplified so bank employees who do not speak English can understand it. Whoever made that suggestion probably didn’t realize people who do speak English can’t understand it either. That’s the whole point of it. Confuse everyone and then nail them with penalties.

    Thank for the ACA suggestion, but I’m not joining anything which has American in its name. That defeats my position that I have not been a US citizen or even a US person since I became a Canadian citizen 40 years ago.

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