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.
@Innocente
That FT article say that the IRS says that people will still be allowed to enter Streamlined under FATCA. I’d like to see that in writing. Do they mean before they get to us or after? The consistent message from them has been that it’s too late for mercy once they know about you.
@Bubblebustin
*The consistent message from them has been that it’s too late for mercy once they know about you.*
A lot of people do not know about this issue… I have spoken to other immigrants… they say the same thing… what is it the business of the US what we have in other countries if taxes were paid there already… so u can say… its a win-win for the US… its a lose-lose for others… and the US don’t give a crap… they get a small amount for the tax due… huge amount for the penalities they pile on…. Some I spoke to think I am full of crap when I tell them about the penalities…
At least I know I am not the only one who thinks that being an illegal immigrant is actually a great deal… they have more rights & people fighting for them then legal immigrants… Ye olde days… having US citizenship or immigration status was the golden ticket… its a fricking noose now… people are hiding or getting rid of the US anything…. if they can…
@US foreign person
I have the exact same problem! No one thinks it’s an issue. I tell them all about it and they say I am exaggerating. I tell them more and they say I am obsessed by an overblown issue that is all in my mind. They think the US would never do what I am describing. I get no sympathy from family, friends or acquaintances…period. My family thinks I ruined 6 months of this year crying and having a nervous breakdown. I’ve told other Americans that I know over here about fatca and the penalties and they say “Really, I’m not worried about it. I think you don’t understand the issue and are making a mountain out of a mole hill.”
Maybe the issue of being hurt and penalized is finally getting more media coverage : read “international” http://www.politico.com/tipsheets/morning-tax/2015/10/ryan-for-speaker-clinton-proposes-financial-transaction-tax-210641
@2terrified2sleep
My family and friends have tuned me out… they also say that I am making a big thing over nothing… until one of them got kicked to the curb at a bank because they were american… mortgage got called… they didn’t think I was crazy then… but no one listens to me about this… they are tired of hearing about it… they don’t understand the worries I have or the deep anxiety I have been suffering…
@2terrified2sleep and @US_Foreign_Person — I am getting the same reaction from people. They think I am exaggerating. No one takes me seriously. They don’t understand. The more I read, the more anxious I get. The fact that there is no “right way” to go about dealing with the problem makes my anxiety worse.
@Sleepless in Sydney
I tend to stick to this mb because I have learned many things… not how to deal with it all yet…. but they understand the fear & anxiety… if it wasn’t for this web site… I would feel alone in all this… If I had known all about this before… I would have arranged my life differently… many innocent mistakes that will probably come back to haunt me… but there is nothing I can do about it now… Here is the one place u will never feel alone…. there is always a kind word or info that may or may not settle your mind.
“…they don’t understand the worries I have or the deep anxiety I have been suffering…”
“…if it wasn’t for this web site… I would feel alone in all this”
My feelings x 1,000. I am still wondering how long the OMG moment lasts, it seems a perpetual condition for me.
@Sleepless You might send an article instead of trying to say everything. I sent this article stateside along with statement that I was thinking of dropping US citizenship for the kids.
Dear Son, Why You Should Leave America Now
http://www.forbes.com/sites/robertwood/2014/09/12/dear-son-why-you-should-leave-america-now/
You might consider joining the community and fighting back a bit.
@Charl I was going to hint that your fine commentary is needed on that WSJ article, yet I see Patricia Moon in there and Dani Kuettel in there the last few hours. I have had issues with my sign in on the WSJ. The article is getting Tweeted a lot.
@JC — yes, thanks for the article. I’m going to do that. As for “joining the community and fighting back a bit” — don’t worry, I am. I only just discovered my predicament last month and had to get over the shock.
Beware of the ex-con compliance condor:
http://www.newsmax.com/Newsfront/irs-report-tax-preparers-tax-returns/2015/10/09/id/695526/?ns_mail_uid=92171968&ns_mail_job=1639217_10102015&s=al&dkt_nbr=d77bfubl
Welcome, Sleepless in Sydney! You are amongst friends here who understand everything you are going through. If you have only known about this for a month it is proof positive that there are many more out there who still don’t know. Glad to have you aboard!
As for educating your family and friends there are introductory articles in the sidebar link under “Important Information” that can be very useful. They help to show that you are *not* exaggerating the seriousness of this situation. Heck, we’ve submitted a Human Rights Complaint to the United Nations over it and there are lawsuits in progress also! This is big stuff and people who do not think so need could use the assistance of all of us to get up to speed.
Again, glad to have you here!
@JC Thanks but my commenting has reached new lows since the self-inflicted, speculative and illusory judgement was made. My blood is STILL boiling. I also have trouble getting into WSJ. Sometimes I can, sometimes I can’t, frustrating.
(As an aside, Laura Wilson, PB60 and WiseCrone have a LOT in common. Not only have I suffered untold rage and anxiety in this mess but I’ve also turned into Sybil).
@Sleepless in Sidney Welcome to the sleepless all over the world crowd!
Rest assured that CBT awareness is a growth industry of angry, frightened, and determined people who want change. This will not dissipate, but I do see the various departments of government working together to develop a strategy that would keep a lid on the crisis they and congress have created rather than admit CBT’s a failure.
@ Innocente – Found the article about Spain looking for hidden monies at http://www.expatforum.com/spain/spain-joins-worldwide-crackdown-on-secret-offshore-bank-accounts.html/comment-page-1#comment-405314 and I have commented with the following:
If these European countries are serious about finding hidden money to be taxed, they should be pushing with no constraints against the US, a country which is renowned for being a haven for hidden money. Financial institutions in Delaware particularly comes to mind. If the US is going to demand that every other country fully pony up and locate and blab the private financial data of “US Persons” (as the US so-defines, including individuals who were born there but returned to their home country at age 5 days old and individuals who have never lived or worked in the US – – and do not define themselves with such a nationality – – but they had a parent with this citizenship so they are US-tainted & doomed), then the same demand (with threat of counter sanctions) should be made of the US and all it’s 50 states. (now under moderation – hope it doesn’t get swept away…..)
What worries me is that I had a number of friends who would have been perfect for the streamlined compliance program and I mentioned it to them, but I’m not sure that any of them actually went down that route. I know a handful of very smug, compliant people, but lots of ones who get a pained expression on their faces when I mention U.S. taxes.
My sense with the IRS is that they are really puzzled that more people haven’t started filing.
@Publius
It just shows how reluctant people are to jump on the taxation bandwagon! There’s no degree of “easy” when making that leap.
As for those smug folks you know, just ask them if they’d opt to keep filing if the US went to RBT, as they would probably be allowed the option.
@ Publius
I think the reason why so many people have not started filing is because …
1) They are scared to death and don’t know what to do
2) They have asked for quotes from tax compliance condors and found out that it’s around 7,000 $ or euros to do streamlined per person and most don’t want to spend it or flat out don’t have it
3) They hope they can stay under the radar
4) They don’t think it’s a big deal and that the irs is going to “get them”
@2terrified2sleep,
Based on my early entrance into the system and the fact that I got totally screwed by the IRS I think it’s safe to say they people probably should come in from the cold. If I hadn’t sorted out my mess I could sort it out now for a fraction of the cost. Unless you have large amounts of money I am thinking the IRS will not come after you because if they did the numbers would be huge and the outcry large. They can just nibble at high end accounts. Gradually lowering the threshold so as not to ensnare too many people at once. They might do a low cost letter writing campaign to see if they can get some easy money.
So we might actually be wearing tin foil hats even if many of us have been killed by the IRS.
@Neill
Ditto on that. Had we not entered OVDI and instead entered Streamlined, there’s a chance that we would not have had to pay tax on the sale of our home, as the sale occurred outside of the required years for Streamlined. That being said, our FBARs could have raised flags. I suspect that’s why Boris Johnson included the sale of his home in 2009. I suspect that unsuccessful attempts of trying to slip one by the IRS is worse than lying low at this point and play dumb if FATCA spits you out to the IRS.
I also agree that the IRS will for the most part continue to enforce CBT as they have always done, passively and focussing primarily on low-hanging or plump fruit as to not draw too much negative attention or resources to what they’re doing.
About lying low until FATCA spits you out…that’s only if the rumour’s true that the IRS will still let you enter Streamlined once they have your account info.
I just have a quick question for you Brockers…I see that ACA or DA finally got the Same country exemption sent to the irs and secretary of treasury after a huge campaign and letter writing marathon but only 19 members of congress signed it. Is this another show of them not caring about us at all?? How many letters did they receive from expats and very few actually signed?!?? In your opinion is 19 a significant number to be considered at all by the irs?? (maybe you have already commented on this and I missed the thread. If so please give me the link so I can read about it…thanks)
@2terrified2sleep
I’ve found this letter Cingress sent to both the IRS Commissioner Treasury Secretary on September 15, which contain the signatures. Considering the fact that the account info exchange is assumed to have started on September 30, I guess they didn’t make enough of an impression.
Now DA would rather just not talk about FATCA, after all there’s campaign funds that need to be raised!
http://price.house.gov/uploads/Same%20Country%20Exemption%20Letter.pdf
Hmmm…I wonder how many of the congressmen are democrats and how many are republicans? So out of 535 total congressmen only 19 signed that letter asking for some help for us???? This is getting crazier by the minute!! No wonder I can’t sleep!