What the new IRS rules mean for U.S. citizens living in Canada http://t.co/Z0It0qts – Not much so far – what is a "low compliance risk"?
— U.S. Citizen Abroad (@USCitizenAbroad) June 30, 2012
“For taxpayers in the grey zone — the small business owner, the high income earner, the wealthy grandmother with assets in a holding company — the news release may be less comforting,” said Christine Perry, a cross border tax specialist with Keel Cottrelle LLP.
“Until we get some indication of who is a compliance risk and who isn’t I think there will be a continued reluctance to come forward.”
U.S. taxman finally eases pressure on American citizens in Canada http://t.co/JdgWfOoM – Only for those who are "low compliance risk"
— U.S. Citizen Abroad (@USCitizenAbroad) July 1, 2012
The IRS was, in my view, slow to the point of negligence in determining some kind of relief for people who were put in a terrible situation through no wilful wrongdoing. And the agency still needs to clarify the details.
Brockers who are inclined to comment take note.
Petros – Your stash of bullion is the funniest yet. Nothing like hitting such a yuk peak on a day that reminds us that the course of human events has moved on so far that the humorless midnorthern realm in the western hemisphere has in spite of itself become a paragon joke of the deepest twisted blackness. But watch out! You now have to look forward to an out-of-the-blue straight-faced bureaucratic demand for no less than 385% of $1.38 billion, plus penalties. The form is being designed at this moment in anticipation of the enabling legislation, to be tacked on to a bill regarding transport of dihydrogen monoxide within and outside the United States. Because you have disclosed, you now must come clean. Just ask resident Canadian water carrier Barrie McKenna. It is always and forever up to you to prove you are not guilty on all fronts. Every iota of data is worth mining, and to hell with context. To move from inorganic to organic, enough minnows make a very tasty meal. And they shall comply, if not in this generation, in the next. Let fireworks fly forth!
@uxscanada, not sorry to lose me? I may just stick around if only just to bore you to death 🙂
*@30-year IRS vet. Sadly, I’ve yet to find any gold or silver ingots in my basement. I suppose I can live in hope!
30 Year IRS Vet – You been lookin’ so good lately, how could you spout this twaddle?
What the IRS would consider ”Badges of Fraud,” … “Minimize your consumer footprint and don’t listen to their consumer propaganda”
It is so revealing that the IRS, the enforcement arm of Moloch, could consider this action “tax fraud”! Don’t buy = don’t pay tax = don’t participate in the great ponzi chain of nonbeing.
bubblebustin – Just to be safe, since humor has its dangers – and to enlighten the less initiated (the ones who haven’t done the secret handshake in Petros’s cellar). Not-sorry-to-lose-you was that weird character who briefly floated through (ca May 18) on the trite raft of “may that swinging door swat you on the ass.”
@uxscanada, I’m glad we cleared that up! I thought you we offended by my response to your comment in response to my comment, perhaps misinterpreting my praise for sarcasm. Frankly, I think your comments are brilliant (no sarcasm).
*USX, just think 3.85 * $1.38 billion bullion = $5.3 billion, that enough to run the government for 12 hours or 1/2 of 1 entire day.
Everything becomes a matter of proportion. When I consider how the US offends extraterritorials through its dastardly dishonor, there is nothing any Brocker could say to make me blink an eye, because what we all have in common overwhelms any piddly differences. We have met the enemy and the enemy is not us — it is US!
*Has anyone else seen this article in the July 4 (print edition) National Post? It seems to be a fairly good summary of the situation for people who haven’t been following it:
http://business.financialpost.com/2012/07/03/an-unnecessary-overreaching-of-u-s-tax-law-into-canada/