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. Embee – “Rather obvious way to divert the flow of capital into the USA, I’d say.”

    It has certainly worked out that way. I’m a little doubtful as to whether that was the plan. I’m inclined to think they were hoping to get hold of a lot more bankers and turn them upside down and shake them, as with the Swiss Bank Program. But the UK, along with the rest of the G5, offered to make it possible for the banks to comply rather than pay up. And the US saw the advantages (shield against transparency), and bit.

    I may be wrong – maybe they actually foresaw that FATCA would work so well it would pull in all that funny money. Doesn’t fit with my image of them, that they would be that smart, but who knows.

  2. Self-employed Argentine accidental gets FATCA’ed
    https://www.reddit.com/r/personalfinance/comments/7udbxq/living_abroad_need_help_with_us_tax_laws/

    > My father was born in the US in the 60, but came to live in Argentina when he was 4 years old. He now has dual citizenship, is married and is self employed. Recently he was notified that he needed to present the form W9. He has a lot of experience with taxes laws here in Argentina but doesn’t have a clue with taxes laws in the US. Also, he can barely reed the basics in english. If I could get any advice of where to look or how to get started i would be very gratfull.

  4. @Eric

    I’m not on Reddit, but someone who is should just let him know to sign the W9 if that’s what it takes to keep his bank account, and otherwise ignore it. With only a FATCA balance the IRS ain’t going to do much.

  5. @plaxy
    They are way more clever than they look. It always seems to be “Oops I did it again” with them, doesn’t it? AARO discovered a few years ago that a social security change in the early 1980s that seemed to hit Americans abroad accidently had been done knowingly. It is patently obvious that the Trump changes go far beyond base erosion.

  6. Not sure where to put this but I figured I’ll call attention to it so moderators can move it to the proper place. Phil Hodgen has posted a very interesting discussion about the late filing of Form 8854:

    https://hodgen.com/filing-form-8854-late/

    Even though Phil (I think) mostly has a high net worth clientele, on his blog he is very free with general information useful to all of us.

  11. Susan Delbene wants to know what economic issues are troubling me. I told here it’s the complexity of dealing with taxes as an immigrant with foreign accounts. She has a lot of immigrants in here constituency so you guys can pretend to be one and let her know the same thing.

    https://delbene.house.gov/forms/form/?ID=1

  12. Purple Expat

    FYI – If you don’t know already, there is a new website taking up the cause: https://purpleexpat.org/wp/

    No other country in the world treats its expat citizens like this. Not Russia, China, North Korea, Syria… Despite the hype, being American and living abroad means that you will be punished, your children will be punished, your non-American Spouse will be punished, your business will be punished. Your career will be limited. All because of Citizen Based Taxation that was designed to punish Americans overseas during the Civil War.
    The Purple Expat

  13. Is Carolyn Mulroney now running for the ON PC leadership a “US Person”?

    The Toronto Star this evening seems to say so.

    https://www.thestar.com/news/canada/2018/02/05/the-mulroney-we-never-knew-now-wants-to-be-our-premier.html

    ” Did not Conrad Black endorse Mulroney in the National Post over the weekend? She has the Ivy League education, the American C.V., the private schools for her children and her work with venture capitalists at Wellington Financial; her American-born husband Andrew Lapham is chairman of Blackstone Canada, part of the world’s biggest private equity group. Both are dual citizens, a campaign spokesperson confirmed.”

  14. At least one child was born in the US. Hope those “UStaxablepersons’ ‘abroad’ in Canada are doing their FBARs on their Canadian birthday accounts themselves, as the US Financial Crimes Network directs children with ‘foreign’ accounts to do.

  15. If successful, would CM as the head of the PC party have any signing/co-signing authority on any non-personal ‘foreign’ (e.g. Canadian) accounts that would result in an FBAR duty? How would the PC Party welcome their accounts then being reported to a foreign government – to the US IRS and FINCEN?

    Maybe they’ll tell her to “just renounce” ala the advice given us by federal Conservatives ( ex. https://openparliament.ca/search/?q=renounce%20fatca%20Party%3A%20%22Conservative%22%20Person%3A%20%22Gerald%20Keddy%22 ).

    And to those Cons who voted for FATCA and now support her as a fellow Conservative, didn’t you tell us that those of us Canadian citizens and residents who acquired US status by whatever route – whether by birth, birthplace, etc. were actually not real Canadians, but merely ‘Americans residing in Canada’?

  21. From the above referenced article:

    Traps for the unwary, including non-dual citizenship hockey and maple syrup Canadians, also lie in the estate tax regime.

    To be sure, the basic exemption has doubled from inflation-indexed US$5.49 million to US$11.18 million — meaning Canadians will be subject to estate tax on U.S. property only if their worldwide net worth at death exceeds US$11.18 million.

    But there’s a fly in the ointment.

    “A separate law enacted last year imposes a penalty if the estate does not file a tax return,” Berg explains. “Previously, there was no such penalty.”

    And the penalty is harsh: where a tax return is not filed, the cost base for assets as of the date of death is zero rather than fair market value.

    This is the first I’ve seen about this. Having said that, I don’t understand the ramifications as I didn’t think cost base came into estate calculations.

  22. And that penalty against the estate would be collected how, exactly?

    Voluntarily paid by a confused/terrified executor is the likely scenario.

Comments are closed.

%d bloggers like this: