Media and Blog Articles – part 2 of 11 (Year 2015)
You can access all years at this link: Media and Blog Articles – Links for All Years
If clicking on a comment link brings you to the wrong comment, click here to get on the most recent page of comments.(alternatively, to reach the most recent comment page, go to the url in the bar at the top of your browser and delete everything after http://isaacbrocksociety.ca/media-and-blog-articles-open-for-comments-part-2-of-2 )
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. You could mention such articles in the comment stream for this page, or if I see one on another thread, I can copy the link to here. I’ll keep adding to the list, but not deleting, so we’ll end up having sort of a “bibliography” too. [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.
Note also: JC suggests 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.
Be sure to read the comment stream for this thread — there are usually very recent articles mentioned there that are not yet on this list.
2015.01.01
Raising revenue off Caribbean backs, Bruce Zagaris, NationNews, Barbados.
On or about 2016.01.01
16 issues to make 2016 candy for the market, Westfield Times.
2015.12.31
Tax reporting norms: FinMin updates guidance note on compliance, K.R. Srivats, Hindu Business Line, India.
2015.12.30
Top Tax Blogs from 2015, Tax Connections. (Congratulations to John Richardson and Lynne Swanson who placed 2nd and 4th!)
Global dragnet puts pressure on tax evaders as year-end deadlines loom, Jeff Gray, Globe and Mail, Canada.
IRS Employee Whose Job Was Assisting Victims Of Identity Theft Charged in $1 Million Identity Theft Tax Fraud, Paul Caron, TaxProfBlog, US.
How America’s Wealthiest Are Saving Billions Through a Private Tax System, TruthDig.
RA Returns Home, TaxProTalk forum.
2015.12.29
For the Wealthiest, a Private Tax System That Saves Them Billions, Noam Scheiber and Patricia Cohen, New York Times, US.
IRS Stirs Up New Crisis With Non-Profits Over Social Security Numbers, Eric Pianin, The Fiscal Times.
DNC Must Heed Warning Bells From 2000, Bennet Kelley, Huffington Post, US.
2015.12.28
IRS Creates “International Practice Units” for their IRS Revenue Agents in International Tax Matters, Patrick Martin, Tax-Expatriation, US.
MF investors: Les than a4th comply with US tax law, Jayshree P. Upadhyay & Ashley Coutinho, Business Standard, India.
IRS service should improve after some saw their ‘worst tax season,” advocate says, Robert Schroeder, MarketWatch, US.
@ Charl
http://www.huffingtonpost.com/wendy-n-powell/a-guy-walks-into-a-bar-ar_b_7812082.html
Hope you caught this:
@ Embee
Do you think we could draft her to run for president?
Seeing I am REALLY crabby today this idea rolled into my addled brain:
Maybe we should start a petition. (We would explain in the forward pseudonyms were used because most US deemed citizens living abroad are terrified of you).
Dear Mr President:
Those of us whom you claim as eternal tax slaves, that do not live in your country and receive nothing nor ask for anything from you, are refusing to succumb to your irrational, immoral, unjustifiable, against all universal norms method of extraterritorial taxation.
Nor will we succumb to being forced to renounce our citizenship to avoid the perils of your unjustifiable laws.
Hugs,
Your once loyal diaspora
(Maybe Wendy Lenning Powell could get it published in HuffPo for us).
@ Charl
I think Wendy is too clever to seek the POTUS position. I’m a bit tired of petitions but I like the spirit of yours. I’m focusing what’s left of my brain, after 3 years of this CBT/FBAR/FATCA turmoil, onto litigation.
@EmBee
But maybe this could be a bit different then those we’ve all done a million times. It’s purpose would be for the press to notify the president and just maybe Wendy could get it published. (Maybe even the Woody would also like he did the other Dear Mr. President letter). Plus we could do it on IBS or CT FB and require only pseudonyms. (Not the usual name/hair colour/name of first born etc garbage that one must usually submit).
My point is, how do we hold the legislators feet to the fire and push them to defend CBT? At least get the question out there in the ethers. The filing of the suit didn’t make much of a splash to enhance the dialogue. Like I said….I am crabby today. I need to DO something and I’m for throwing out everything we’ve got all at the same time. Suits, injunctions, petitions, submissions, phone calls, screaming in the press….what else. Maybe I’ll channel Mr. Brock for some ideas!
Plus, this isn’t a petition, it is a declaration!!!
@ Charl
Okay, thanks to you I’m not only into litigation, I’m into declarations. After all it wasn’t The Petition for Independence it was The Declaration of Independence. But this would need massive support — a bucket full, not a mere drop at the bottom.
And I think you are already channeling Mr. Brock. He used several methods to rack up his wins against the Americans, including tricking them into thinking he had more warriors than he did.
India has shared protocol to tackle black money abroad: Minister
http://www.daijiworld.com/news/news_disp.asp?n_id=337111
http://news.yahoo.com/christmas-capitol-congress-lengthy-list-120605519.html
Here’s a CTV article.
http://www.ctvnews.ca/business/why-some-canadians-bank-info-is-being-sent-to-irs-1.2477572
@Cheryl
That CTV article is shilling for the compliance industry and contains some really bad info! We need the Brock SWAT team over there…
I dont really find that article so bad. It was actually quite factual. Some people probably DO need to talk with a US tax professional.
@Polly
Agreed, but interspersed with the good info was a lot of bad.
Canadian banks did have a choice. One does not have to be US tax compliant to renounce. One cannot renounce from within the US. Not everyone who has an American parent is automatically a US citizen. Not all consulates have a 6 month waiting list (some have more, some less).
I’m sure I’ve missed some others.
“A little bit of knowledge is a dangerous thing.”
The CTV site doesn’t allow very long comments plus they are moderated
@Bubblebustin
I think everybody is a bit confused! So much information which is also constantly changing – like quicksand.
But I have honestly read worse.
Mine hasn’t appeared yet, Trish, Polly.
Yes it is quite like quicksand when it can drown you!
Mine neither and I posted quite awhile ago AND I was oh so polite. Maybe they screen if you have ever posted at IBS you are blocked!!!! Ha, those with the “taint” are not welcome anywhere!!!!
They probably don’t like my “shilling for the cross-border compliance industry” that’s “making bank” through fear and misinformation comment.
Only my first comment made it in. Subsequent attempts seem to have disappeared into a black hole.
I am seeing new comments appear and none from us
I have tweeted her and a CBA person has also pointed out there are errors
RE: that CTV article
If I see that looming IRS building photo again I’m going to scream. I’m so sick of it … it and the palm trees on the beach. It really reads like a compliance condor supplied the material to Amy.
What the heck does that mean? Nobody goes to the U.S. to renounce.
I put this (and other) comments on the article.
I would have commented further, but there is a limit on words for CTV comments. Only one of the comments I made seems to have made it through moderation. It was the least informative one!
The new comment box at which I put my last comment (the rest were replies to others’ comments) no longer has a *SUBMIT* to hit so my comment can be submitted. So that latest comment still sits there (seen only on my computer screen).
Google Translate Unites!
Железная FATCA
Американский закон угрожает российским финансистам
http://kommersant.ru/doc/2772516
Iron FATCA
US law threatens to Russian financiers
Basically complaining about compliance:
In such a situation, a problem with the IFIs – just the tip of the iceberg, experts say. According to Mr. Kandyba, currently 20-30% of the client base of banks can be recognized by the non-aligned financial institutions for the first time to report on where they will be in March 2016. Besides MFIs at risk – SPF, brokerage and insurance companies. They expanded interpretation disagree. “According to the market, NPF planned to withdraw from the application of FATCA in the framework of inter-country agreements, – said the head of the Financial Monitoring Service of NPF” European pension fund “Sergei Lisitskiy.- While we banks no requirement to register with the IRS have been reported, but for yourself We have already decided that the criteria do not correspond FATCA. A similar position appears to take the vast majority of other NPF. ” “The fact that the requirements of FATCA, we have to report only those customers with American roots, in whose accounts concentrated more than $ 50 thousand. And these pensioners in Russia, unfortunately, no” – he explains. “But if you register with the IRS still have, it would mean a large amount of the additional costs of compliance, human resources, monitoring and disclosure of” zero “reporting IRS”, – says Mr. Lissitzky. Earlier NP NPC estimates the cost of implementation of FATCA in the tens of millions of rubles from the same credit institution.
AccountingToday, July 21, 2015: “BDO Sees Annual Revenue Jump 26 Percent”
This is probably the case for many such firms as BDO. Would a lot of that double-digit gain due to US CBT and FATCA issues for *US Persons Abroad*? Makes for some nice bottom lines.
In the ehmac article cited above, one of the comments states:
“Some have been able to get retroactive relinquishment but the State Department is attempting to close this loophole and is now charging the same $2450 for relinquishment as they do for renunciation.”
Is this true?
@ Queenston,
No. I looked at the comment on EhMac and see that it does not refer to a source, either from the Regulations or a specific incident of this having occurred.
A change in fees would have to appear in the Code of Federal Regulations, and the CFR currently does not refer to a fee for relinquishment but states,
22 CFR 22.1 , Schedule of Fees,
“Administration processing of formal renunciation of US citizenship – $2,350″
There can be a few days delay in updating the on-line CFR. Today’s is current as of July 17th. However, prior to entering the CFR, proposed and final versions of a change must be entered in the Federal Register. I happened to be looking at the Federal Register regarding this topic about a week ago and couldn’t find any such proposal or final version there at that time.
They could be planning to in the future, of course, but there does not appear to be such a fee currently.