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The Isaac Brock Society

Media and Blog Articles Open for Comments – Part 3 of 11 (Year 2016)

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-3-of-3  )

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” 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.

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 aren’t on this list yet.

2016.12.29
Switzerland moves further to end bank secrecy, Financial Times, UK.
2016.12.23
How FATCA Infringes and Trammels our Statehood, Stephen Kangal, Trinidad and Tobago News, Trinidad and Tobago.
Barclay’s chief preparing to take a stand against US regulators over unduly high fines to European banks, James Quinn, The Telegraph, UK.
2016.12.22
Canada refuses to name bank that broke money laundering rules 1225 timtes, Mike De Souze, Robert Cribb & Marco Oved, National Observer.
Financial Intelligence agency gave bankers head up about money laundering disclosure, Mike De Souza, Robert  Cribb & Marco Oved, National Observer.
2016.12.21
US citizens may pay double tax on Kahlon’s child savings program, Michael Zeff, Jerusalem Post, Israel.
Applying to be Swiss in the Trump Era, Steve Krump,  SwissInfo, Switzerland.
2016.12.20
File That Tax, Boom Chicago, YouTube, Netherlands.
Tijuana City Councilman Faces US Money Laundering Charges, Sandra Dibble and Dana Littlefield, San Diego Union, US.
2016.12.19
Senate Report Finds IRS Agents Living Large on Public’s Dime, Guillermo Jiminez, Tax Revolution Institute, US.
AG to UNC: Come to Parliament first – a Joint Select Committee to deal with FATCA . . ., Ria Taitt, Daily Express, Trinidad.
Rand Paul criticizes framework of tax reform plan, Naomi Jagoda, The Hill, US.

Articles from earlier 2016 are at this link

Articles from 2015 are at this link

Articles from 2014 are at this link

Media and Blog Articles  thread, Part 1 of 3, is at this link.

Media and Blog Articles thread, Part 2 of 3 is at this link.

 

2,818 thoughts on “Media and Blog Articles Open for Comments – Part 3 of 11 (Year 2016)”

  2. Thanks, Tom Alciere, for this. It will lead searchers to a resource outside the IRS:

    Try Our New International Index

    The International tax topic index is specifically designed for taxpayers with international filing requirements. Topics are organized using IRS tax expert knowledge to group forms, publications, and web specific pages to help you find information relevant to your needs.

    Start your International Tax Topic Search

    Please note: The international index contains official IRS information but is served from a related government website, not IRS.gov.

    Your comments will help to expand and improve the quality of this service

  3. I have one in moderation as well (or two, as split into one and *continued* in the next), as well as separate information (in links) in their *CONTACT US* option.

  4. @Tom Alciere

    Increased awareness = increased renunciations.

    I bet there are a lot of OMG moments looking at those videos.

  7. Ok, curiosity led me to try the link to the New International Tax Topic Index and this is the ‘helpful’ message I got each time I tried –

    An error occurred. Please contact the IRS Help Desk (1-800-876-1715 or email) if this error condition persists.

    Hmmmm, wonder how that 1-800 works from the UK…

  8. Unfortunately, we cannot by comment as they are closed to that article. All we know of how to do that would be …

    Join us for Dinner or Cocktails
    Monday to Saturday.
    CALL US 416-398-5335 OR EMAIL US AT INFO@PARCAE.CA.

    (I’m sure, this savvy young American expat businessman in Canada must already know about US tax slaves and is in full compliance. If not, he should check out https://www.irs.gov/Individuals/International-Taxpayers/International-Index-Gateway.)

  10. Thanks Calgary your link works. It makes my heart sink – all this effort to promote their tyranny when it could be focused on solving the problems.

  17. @BC Doc

    I can hear the homelanders say – US citizenship must be better than Canadian, that’s why it’s so much more difficult to rid yourself of.

    Did Conrad Black manage to get his Canadian citizenship reinstated?

  18. @Bubblebustin

    I haven’t heard about him getting his citizenship back. I’m surprised that as a convicted felon, Canada allowed him back in.

    I would like to see the Globe do a similar video on how to renounce your US citizenship if you’re an infected Canadian. It would make quite the contrast.

  19. I would like to see the Globe do a similar video on how to renounce your US citizenship if you’re an infected Canadian. It would make quite the contrast.

    !!!!!!!!!!!!!!!, BC_Doc and bubblebustin.

  21. January 19, 2016, Huffington Post: *Tax-Free In Canada Doesn’t Mean Uncle Sam Agrees*

    …TFSAs can actually be detrimental to people with U.S. filing obligations depending on how the account is structured. TFSA deposits do not have to be held in savings accounts. Canadian financial institutions are offering more options to accelerate the growth of the deposits which can now own stocks, mutual funds, segregated funds or a mix of investments. If your TFSA is set up so you can own these types investments then it is considered a foreign trust requiring two forms each year – F3520 and 3520-A. The F3520 reports a taxpayer’s dealings and income from the account and the F3520-A reports the entire account with an income statement and balance sheet component.

    If you are a U.S. citizen living in Canada or you are a Canadian with U.S. tax filing obligations, make sure you understand how your TFSA and RESP will be impacted. You may want to look at different investments to help minimize your U.S. tax reporting requirements. Understanding your filing obligations before making an investment could make the filing process easier.

    Holding RESPs and TFSAs does not automatically mean you will owe U.S. taxes. But the accounts are treated differently in the U.S. You don’t want to find that your investments are costing you money once Uncle Sam gets involved.

    No one has yet commented there. No mention of RDSP. PFIC is mentioned.

  22. @Tom Alciere

    I suppose the Harper government was also just being “pragmatic” when signing the FATCA IGA for Canada.

  24. Jeb Bush for RBT
    Reasons to look at Facebook #1: this post from Keith Redmond. I hope he doesn’t mind me reposting it here:

    I am currently on a conference call with Governor Jeb Bush and asked the following question:

    Governor Bush – thank you very much for taking the time to speak with us. My question is as follows:

    FATCA has put on the front burner the US practice of Citizenship Based Taxation (the only country in the world which practices this type of taxation).

    For long term Americans living overseas it is unsustainable hence the exponentially increasing number of Americans renouncing their citizenship and a growing number considering renouncing in the near future.

    We pay taxes where we live in our respective countries of residence. Tax treaties do NOT eliminate double taxation with the US -this is a myth that it does.

    What will you propose to Americans living overseas as a solution so that they can live normal lives in the countries in which they reside?

    For precision, this question is specifically regarding Americans overseas individuals. This question is not about corporations.

    To summarise his response: He stated that he fully supports the repeal of FATCA and for the United States to eliminate Citizenship Based Taxation and replace with Residency Based Taxation.

    https://www.facebook.com/groups/AmericanExpatriates/

  25. Ginny just found a related media article and JR says that…

    Everybody should get over and comment on this. But, I suggest that you deal with some of the specific statements she makes which are particularly egregious.

    (Note: Facebook commenters needed.)

    http://www.huffingtonpost.ca/cleo-hamel/us-citizenship-problems_b_9070622.html
    Ted Cruz Is Not The Only One With U.S. Citizenship Problems

    Accidental Americans are faced with tax filings whether they want their U.S. citizenship or not

    While Ted Cruz may be doing everything to prove he is a “natural born” U.S. citizen despite being born in Calgary, his situation underlines how figuring out U.S. citizenship for tax purposes is not as simple as it seems. You can be born in another country, never set foot in the U.S. and still be considered a U.S. citizen.

    The idea of having an unknown U.S. citizenship may seem intriguing or amusing at first but the U.S. tax filing system is based on both citizenship and residency. So if the U.S. considers you a citizen, you need to file annual returns with the IRS if you meet the minimum income or any other requirements.

    While Mr. Cruz is using the rules to prove his citizenship, the U.S. filing rules and regulations are complex, onerous and often punitive for people who are classified as “Accidental Americans” and now find themselves caught up in the U.S. tax system.

    People can be U.S. citizens based on where they were born or the citizenship of one or both of their parents. You do not have to register with the U.S. government or apply for a passport to become a U.S. citizen. So if you are an “Accidental American” not having the paperwork does not mean you are not a citizen.

    You can only acquire U.S. citizenship in two ways at birth — either by Jus soli (law of the soil) or Jus sanguine (the law of the bloodline). The first one is easy. If you were born on U.S. soil, you are a U.S. citizen. Even if your parents are in the country illegally, children born in the U.S. become citizens. And this includes being born in Puerto Rico, Guam, U.S. Virgin Islands and the Northern Mariana Islands.

    It is the law of the bloodline where things can get complicated. This is based on a concept in civil law where citizenship can be determined by the citizenship of one or both parents or obtained through grandparents.

    Even if you were born in the U.S. because that was the closest hospital or it was the only one who could handle a particular kind of birth but you have lived in Canada all your life, the U.S. considers you a citizen.

    It does not mean everyone born to U.S. citizens is a U.S. citizen. However, it does mean persons born outside of the U.S. to parents who are both U.S. citizens at the time they were born and at least one parent has lived in the United States at some point in their lives are conferred citizenship at birth. For children born to one parent who is a U.S. citizen, there are rules for the length of time your parents lived in the U.S. to determine if you are automatically a citizen at birth.

    The law of the bloodline confers U.S. citizenship on babies at birth when they meet the requirements. The births happening outside of the country to one or two U.S. citizen parents should be registered with the U.S. consulate or Embassy. Failing to apply for a Consular Report of Birth Abroad (CRBA FS-240) does not mean the child loses their U.S. citizenship. It just means the parents did not acquire proof of U.S. citizenship. The child is still considered a U.S. citizen with all the rights and obligations of a U.S. citizen.

    This is how Mr. Cruz is claiming his U.S. citizenship since he was born in Canada. But it is also the same law that is causing major headaches for some Canadians who are now finding out they are also Accidental Americans. Even if you were born in the U.S. because that was the closest hospital or it was the only one who could handle a particular kind of birth but you have lived in Canada all your life, the U.S. considers you a citizen.

    If you want to run for the U.S. Presidency, the law of the bloodline may be useful. But if you find yourself suddenly a U.S. citizen that needs to file multiple years of returns with the IRS, you probably don’t.

    There are ways to renounce your U.S. citizenship though it does not release you from your tax filing obligations. You cannot use it to get into tax compliance but you can renounce without being tax compliant. However, it is not usually the best choice because the IRS can still expect you to file returns.

    Relinquishing citizenship without being five years tax compliant will mean you are considered a “covered expatriate” and fall under the rules for the U.S. exit tax In addition, the IRS has no reason to waive or reduce the outrageous penalties imposed for failing to file some of the forms now that you are no longer a citizen.

    In most cases, it is better to use one of the current “amnesty” programs to become five years compliant and then move on without your citizenship ties to the U.S. Before you act, discuss your situation with an attorney and a cross border tax specialist who can explain expatriating. It may not mean the clean break you want if you still have ties with the U.S. For example, inheritances received by U.S. persons from a covered expatriate can be subject to U.S. estate taxation at the highest rate (for 2015 this is 40 per cent) and cause previously untaxable income to be taxed at 40 per cent.

    For “Accidental Americans,” you may not want the U.S. citizenship but it cannot be declined. There is a possibility that the IRS will never find you but if they do, the voluntary disclosure programs may no longer be available to you.

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