Liberty and justice for all United States persons abroad

The Isaac Brock Society

Media and Blog Articles Open for Comments – Part 5 of 11 (Year 2018)

You can access all years at this link: Media and Blog Articles – Links for All Years

If clicking on a link brings you to the wrong page in the comment stream, click here to get to the most recent comments.

Media and Blog Articles

EmBee suggested that it would be good if there was a thread for new articles, so that people would be aware of where to comment.   So, I created this permanent page.   I’ll make a permanent list of links posted here and keep adding to it,  but not deleting, so we’ll end up having sort of a  “bibliography” of FATCA/CBT articles.  [Note:  Some articles are not open for comments]

For more articles on FATCA, enter FATCA into Google then click on the link “more news for fatca” just below the most recent featured article.

Notes:

From JC:   To see #FATCA on Twitter for latest breaking news.  JC finds that is quite a good source and there even are some international articles that one may read using Google Translate.   Others may help certain tweets and articles remain in elevated position by retweeting them.

From Badger:   On an important archival note, please use the Internet Archive Wayback machine https://archive.org/web/ (see bottom right ‘Save Page Now’ box to enter URLs of webpages you want saved for posterity, and try to save backup copies of articles and other items of interest in some other form – such as a datastick or external drive. Some important and very significant webpages and the fulltexts of articles are no longer available (although some can be retrieved if someone using the Wayback machine saved them).

Be sure to read the comment stream for this thread — there are usually very recent articles mentioned

2018.12.23
New bill could lessen tax woes for Canadian residents with US citizenship: but the outlook is bleak for thousands grappling with Trump’s repatriation tax, Elizabeth Thompson, CBC News, Canada.
2018.12.21
Tax Fairness for Americans Abroad Act of 2018!  Let’s Get This Passed! Anthony Parent, John Richardson, Keith Redmond, IRS Medic. US.
TTFI bill introduced today, great news for Americans living in Canada, Reddit Forum.
FATCA: Significant Relief in New Proposed Regulations, Jeremy Naylor, Amanda H. Nussbaum and Martin T. Hamilton, Mondaq.
2018.12.20
Tax Fairness for Americans Abroad Act, Democrats Abroad.
2018.12.19
TCJA and US Expats, Karen Alpert, Fix the Tax Treaty, Australia.
2018.12.18
Why Banks Have Become Judge, Jury & Prosecutor and will Shut you Down Judged Guilty for Nothing That is Actually Illegal, Patriot Rising.
20`18.12.17
IRS Issues Proposed FATCA Regulations, Adrienne M. Baker, Joseph A. Riley and Jeff J. Kang, Lexology.
2018.12.13
IRS Issues Proposed Regulations on FATCA, Other Reporting Conditions, ABA Banking Journal, US.
2018.12.11
How the IRS as Gutted, Paul Kiel and Jesse Eisenger, ProPublica, US.
2018.12.08
December 2018 International Tax Reform Updates- FATCA -GILTI – TTFI, Anthony Parent interviews Keith Redmond and John Richardson, IRS Medic. (video)
2018.12.05
Explaining GILTI – Individual Impact, Karen Alpert, Fix the Tax Treaty, Australia.
2018.12.03
Luxembourg: Exchange Of Information Vs Data Protection: A Brave New World Of Transparency, Antoine Dupuis and Guilles Sturbois, Mondaq.
2018.12.00 (December 2018 edition)
EU parliament versus FATCA, Financier Worldwide.
Newsletter, Purple Expat.

 Articles from earlier in 2018 are in the Media and Blog Articles 2018 Archive.  Links to previous years’ archives are also at that link.

1,714 thoughts on “Media and Blog Articles Open for Comments – Part 5 of 11 (Year 2018)”

  1. https://www.accountingtoday.com/news/irs-warns-about-new-twist-on-banking-tax-scam
    ‘IRS warns about new twist on banking tax scam’
    “The Internal Revenue Service issued a warning Thursday about a new variation on a scam involving requests by criminals who pretend to be working for the IRS asking for bank information from international taxpayers and non-resident aliens.

    The crooks mail or fax a letter to unsuspecting victims asking them to fill out a copy of a Form W-8BEN, “Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting,” and saying they need to fax it back to the criminals who are impersonating IRS employees. The letter acknowledges the recipient is exempt from withholding or reporting income tax but insists they need to authenticate their information with the IRS………..”………

  2. Fortunately, most “foreigners” will probably respond to such a scam by ringing the IRS to ask what is a fax.

  4. JC:

    “It sounds like the treatment for Accidentals will be three years of compliance without FBAR & FATCA penalty and then may elect TTFI status. Comment to that: sounds like streamlined except 3 years instead of 5.”

    It is streamlined, as far as returns go. Three years compliance plus a hideous abasement statement confessing your sins and swearing you didn’t mean to.

    Streamlined requires 6 years FBARs instead of three, but that’s not much of a concession since FBARs are only a report, and are very easy to file. They’re not really conceding anything at all, since the FBAR penalty threat is unenforceable. In return for nothing, they get your acknowledgement of (non-wilful) wrongdoing and your address and SSN and bank details, and three years of returns.

    A USC wanting to comply can just start filing, or backfile if preferred. No abasement needed.

  9. It may fall on deaf ears in Washington, but it’s surely significant, for Canadians hoping to get the Competent Authorities to resolve the double taxation issue. The Chair of the House of Commons Finance Committee is on record as saying: “It’s a huge problem for Canadian businesses and it needs to be addressed.” That must be significant.

    I hope so, at any rate.

  10. Elizabeth Thompson’s latest article is pretty good news until the very end. “In terms of us having a lot of impact in that area, I think the odds are relatively slim because that has been signed into law by the U.S. government, by the president.” Didn’t we hear something like this back in 2014? I think it went something like, “Congress has spoken.”

    The Canadian government had best grow a spine (and a few other parts) in the next 4 weeks.

  11. Perhaps (“has been”) Bruce A Heyman response to calls for consideration for Canadian corporations out of adverse taxreform impacts (transition tax) is sign that we are getting somewhere.

    Of course Bruce will have 0% consideration of Canadian law in all this as the pretense is Canada is the 51st State.

    Please RT/Like/Reply to this tweet:
    https://twitter.com/JCDoubleTaxed/status/996258239745421312

    The video is embedded in the tweet. You will have to access through the above or original:
    Original tweet: https://twitter.com/PnPCBC/status/996158712363405313

  13. The transition tax like all other CBT taxes already stops at the border for duals, since other countries don’t collect from citizens.

    US-tax-compliant USC owners of corporations can take a treaty return position in order to remain compliant without paying the transition tax.

    http://isaacbrocksociety.ca/media-and-blog-articles-open-for-comment-part-5-of-5/comment-page-29/#comment-8232406

    Alternatively, USC owners of foreign corporations may prefer to become or continue non-compliant, or may decide it’s time to renounce.

    It’s a painfully short deadline for making such grave choices, but the options do exist.

  14. Push back in Europe

    Petition to the EU on FATCA
    https://aaro.org/advocacy/fatca/662-petition-to-the-eu-on-fatca

    A FATCA Complaint Filed Against BNP Paribas Bank in France
    https://aaro.org/advocacy/fatca/657-a-fatca-complaint-filed-against-bnp-paribas-bank

    Sophie in ‘t Veld
    ‏Verified account
    @SophieintVeld
    3h3 hours ago
    Highly critical study on #FATCA published now. In July @Europarl_EN will adopt a resolution on this topic
    https://twitter.com/SophieintVeld/status/996305390806724609

    I think the Accidentals will prompt some action in France today.
    Unidentified, as I am not sure if author wants name attached to this:
    Hi everyone! I just ended with a dozen of French AA a campaign by phone to reach all French senators concerning a motion of resolution concerning our issues.

    Its study and vote will take place tomorrow at 6pm.
    We are optimistic, all political groups show support(except 1 but they are only 6 senators).

    During the study and debate part, senators from different parties will intervene.

    We keep our fingers crossed… (and already start to plan the next step… )

  16. “FATCA may violate new EU Laws:
    The winds of change are blowing against the Foreign Account Tax Compliance Act”

    “study by the European Parliament has explored the impact of FATCA (the Foreign Account Tax Compliance Act) on US citizens abroad, and has raised key points which could indicate FATCA violates new EU legislation.
    [..]
    Perhaps not the way many expected FATCA to be fought, especially after key figures in the Republican party made public comments against the much maligned law last year, but this report does indicate that ongoing efforts by organizations in the UK and Europe, particularly in France, are catching up with the reality of the problems that have been facing Americans in Europe for many years.“

    http://theamerican.co.uk/pr/ne-FATCA-may-violate-EU-GDPR-laws.php

  17. “Tuesday, May 15, 2018, the Senate unanimously adopted the motion for a resolution pursuant to Article 34-1 of the Constitution, inviting the Government to take into account the situation of “accidental Americans” involved in the Foreign Account Tax Compliance Act (FATCA), presented by Jacky DEROMEDI and others, at the request of the group Les Républicains.” (Google translation)

    http://www.senat.fr/espace_presse/actualites/201805/americains_accidentels_concernes_par_le_fatca.html#c640282

  18. It looks like possible progress in Europe and I’m wondering if the June referendum in Switzerland, “Vollgeld Initiative”, would indirectly help our cause if, by some miracle, the result is YES. Sovereign money for any given nation, as Rocco Galati attempted to do via a lawsuit in Canada, might loosen the ties that bind banks into accepting diktats from the USA.
    http://thesaker.is/switzerland-a-once-in-a-lifetime-chance-to-spreading-positive-banking-news-to-the-world/

  19. ““FATCA may violate new EU Laws:
    The winds of change are blowing against the Foreign Account Tax Compliance Act”

    “study by the European Parliament has explored the impact of FATCA (the Foreign Account Tax Compliance Act) on US citizens abroad, and has raised key points which could indicate FATCA violates new EU legislation.
    [..]
    Perhaps not the way many expected FATCA to be fought, especially after key figures in the Republican party made public comments against the much maligned law last year, but this report does indicate that ongoing efforts by organizations in the UK and Europe, particularly in France, are catching up with the reality of the problems that have been facing Americans in Europe for many years.“

    http://theamerican.co.uk/pr/ne-FATCA-may-violate-EU-GDPR-laws.php”

    Too little too late for those whose data has been shared.

    These types of actions should have been done before they signed the IGAs.

  21. “These types of actions should have been done before they signed the IGAs.”

    They’re not the same people.

    Each EU Member State signed an IGA. An EU citizen (an AA, “J. R.”) petitioned the EU Parliament. The petition was discussed in Parliament; following the discussions, the study was requested by the Petitions Committee. As a result, the Resolution has been drafted.

    There is to be a plenary debate in July, and that could result in action by the EU Commission. Have to wait and see.

  22. Didn’t say they were the same people.

    Each country should have done a lot more looking into what the possible and likely consequences of signing the IGA would be…..and then not sign them.

  23. “Each country should have done a lot more looking into what the possible and likely consequences of signing the IGA would be…..and then not sign them.”

    It’s questionable whether any of the individual Member State governments (or indeed the Parliament or the Commission) consider it a mistake to have signed the IGAs. The Resolution seeks amendments and/or an EU-level renegotiation – not abolition.

  24. Which means that those without means will be sacrificed for those of means. The commission will protect its individual members and their interests and everyone else is left to their fate.

  25. “The commission will protect its individual members and their interests”

    I certainly hope so.

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