IRS tinkers again with “final” FATCA regulations

CCH Group posted this new article on March 28th, 2013:

IRS Planning FATCA Corrections and Clarifications, Looking at “Refinements” to Final Regs, Official Says

The IRS will provide clarifications and technical corrections to the final regulations issued on the Foreign Account Tax Compliance Act (FATCA), enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010 (P.L. 111-147 ), an IRS official said on March 27. When asked whether there might be further ”refinements” to the final regulations, John Sweeney, chief, Branch 8, IRS Associate Chief Counsel (ACC) (International), said that the IRS is also looking at what issues might require substantive changes, but he did not promise that the Service would issue amendments to the final regulations. Sweeney spoke during an American Bar Association (ABA) Tax Section webcast.

8 thoughts on “IRS tinkers again with “final” FATCA regulations”

Here is a “comment in a bottle”. It probably won’t resonate today. I predict it will wash up on some shore in the future.

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The IRS “tinkering with FATCA regulations” demonstrates (yet another reason) why the world must say no to FATCA. To accept FATCA is to accept a world where the IRS can, at a whim, impose regulations, costs and direct pain on other countries.

Remember: “If you got em by the banks, their minds and hearts will follow!”

There is very little difference between the U.S. drone strikes and its use of FATCA to attack the sovereignty of other countries.

I cannot understand why the world cannot see this. The ONLY question is whether:

1. To stand up to the US now; or

2. To stand up to the US later.

The international community cannot tolerate a world where all countries are under the jurisdiction of the IRS. They will cease to be independent/sovereign countries. There is a reason why certain countries have called FATCA “The Neutron Bomb of the Financial System” and that reason is clear.

By accepting (and possibly encouraging) the imposition of FATCA on Canada:

The Canadian Bankers Association, the Canadian banks and Harper Government are NOT turning Canada into a U.S. State (that would give Canada rights). They ARE turning Canada into the administrative region of the IRS north of the 49th (making it a slave and granting it no rights). The CBA, Canadian banks and Harper Government are all collaborators. They are the enemies of Canada as a sovereign entity. They are the enemies of the hard working, tax paying people of Canada. They are betraying the memory and legacy of the brave people, who 200 years ago, resisted the American invasion of Canada. They are betraying the legacy of those who fought in World War II to protect the world from the Axis powers. They are happy to surrender the sovereignty of Canada in return for a better deal for themselves.

Of course there are some exceptions – for example the Green Party. Could it be that Elizabeth May is the reincarnation of Laura Secord? Interestingly both Laura Secord and Elizabeth May are from the same part of the United States.

Do the countries who are accepting FATCA understand what they are doing? Some do and some don’t. Canada DOES understand what FATCA means. What makes Canadian collaboration even worse, is that Canada is the one country that probably has the ability to stop FATCA by just saying NO. Why won’t Canada just say no? The obvious answer is that it is in the interests of the collaborators to accept FATCA. In 2003 Prime Minister Chretien, demonstrated leadership by refusing to join the U.S. invasion of Iraq. The people of Canada should expect Prime Minister Harper to demonstrate similar leadership.

It’s amazing how the world has changed. Now, we are looking to China and Russia to protect the world from the United States of America. This is the true Obama Legacy – the legacy of the man who was awarded the Nobel Peace Prize.

There will never be a right time to stand up to U.S. aggression. There will never be a comfortable time to stand up to this aggression. There will never be an easy time to stand up to this aggression. There is only the best time to stand up to this aggression. That time is NOW!

The world must say “NO TO FATCA” and must begin to plan for and organize a world where the U.S. is an “equal participant” and not a thug.

For those who disagree, I encourage you to reread this “comment in a bottle” ten years from now!

@USCitizenAbroad
I still can’t imagine how the Canadian government will dress FATCA up to be good for Canada and justify throwing 1M Canadian residents and their families under the bus.

@USCitizenAbroad,

I find your ‘comment in a bottle’ interesting because I was just thinking last night before nodding off to sleep, that the Issac Brock Society is a sort of ‘history book’ of FATCA that people will look back on someday. Years from now, when FATCA is behind us, people will find an amazing collection of information, testimonies, and timelines here. The Issac Brock Society is a ‘website in a bottle’.

@WhiteKat
or ‘therapist’s couch’, lol.

@bubblebustin,

yes, that too!

What papers does one take to a relinquishment appointment besides the forms. Canadian passport, citizenship papers, birth certificate, marriage certificate. What else? Thanks