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

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

1. DP puts Fatca back on the agenda

   http://www.todaysxm.com/dp-puts-fatca-back-on-the-agenda/

2. Canada:
   https://twitter.com/JCDoubleTaxed/status/702084373172977664

   Australia:
   https://twitter.com/JCDoubleTaxed/status/702220631270514689

3. 5 years imprisonment and fine of $250,000 for FATCA law evaders: USFAAF

   http://www.dailynewsegypt.com/2016/02/24/5-years-imprisonment-and-fine-of-250000-for-fatca-law-evaders-usfaaf/

4. How Do Americans Give Up Their Passports?
   http://www.iexpats.com/how-do-americans-give-up-their-passports/

5. Gotta read way down to find out what country they’re talking about: India

   Time to talk business, say investors Government should use the Union Budget to create an environment conducive to economic growth and development.

   Read more at: http://www.moneycontrol.com/news/planning/time-to-talk-business-say-investors_5598681.html?utm_source=ref_article

6. SWAT Team: The iexpats article said US Persons are allowed $200,000 FATCA-free. As I understand it, the amount is $50,000. Could someone who is able to comment on articles point that out?

7. @MNM, the article does appear correct in the FATCA reporting threshold they quote for expats.

   $50,000 threshold is for those within the U.S. See below for IRS comparison of FATCA (Form 8938) and FBAR (now FINCEN114) and the international threshold for taxpayers living abroad.

   https://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

   	Form 8938, Statement of Specified Foreign Financial Assets	FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
   Who Must File?	Specified individuals, which include U.S citizens, resident aliens, and certain non-resident aliens that have an interest in specified foreign financial assets and meet the reporting threshold	U.S. persons, which include U.S. citizens, resident aliens, trusts, estates, and domestic entities that have an interest in foreign financial accounts and meet the reporting threshold
   Does the United States include U.S. territories?	No	Yes, resident aliens of U.S territories and U.S. territory entities are subject to FBAR reporting
   Reporting Threshold (Total Value of Assets)	$50,000 on the last day of the tax year or $75,000 at any time during the tax year (higher threshold amounts apply to married individuals filing jointly and individuals living abroad)	$10,000 at any time during the calenda

   https://www.irs.gov/Businesses/Corporations/Do-I-need-to-file-Form-8938-Statement-of-Specified-Foreign-Financial-Assets

   3. The aggregate value of your specified foreign financial assets is more than the reporting thresholds that applies to you:

   Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year
   Married taxpayers filing a joint income tax return and living in the US: The total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year
   Married taxpayers filing separate income tax returns and living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

   Taxpayers living abroad. You are a taxpayer living abroad if:

   You are a U.S. citizen whose tax home is in a foreign country and you are either a bona fide resident of a foreign country or countries for an uninterrupted period that includes the entire tax year, or
   You are a US citizen or resident, who during a period of 12 consecutive months ending in the tax year is physically present in a foreign country or countries at least 330 days.

   If you are a taxpayer living abroad you must file if:
   You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or
   You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

8. “Record number of US expats renouncing their citizenship, with tax system to blame” by RAY CLANCY on FEBRUARY 11, 2016,

   http://www.expatforum.com/america/record-number-of-us-expats-renouncing-their-citizenship-with-tax-system-to-blame.html

9. Thanks, iota.

   Good to see that expatforum.com doing a bit of an about face. That site’s censorship of what some of were saying about US CBT, etc., is how IsaacBrockSociety.com and then a change to IsaacBrockSociety.ca was born — thanks to Petros! We’ve never looked back.

10. @calgary411 – Yes, I’ve read a bit about the past troubles. I did think it was interesting that they published this article.

    Speaking for myself, I’ve picked up a lot of very useful factual information about the Tax Code from there – even, on occasion, from the notoriouswell-known resident CC 🙂

11. http://www.expatforum.com/expats/america-expat-forum-expats-living-america/994978-question-about-u-s-renunciation.html
    That is a very unique situation Rolento is in. He wants to renounce US citizenship to become stateless on the high seas. My goodness!

12. He’s not entirely alone.

    http://www.worldservice.org/reg.html

13. Irony:

    World Service Authority
    5 Thomas Circle, NW
    Washington, D.C. 20005

14. Indeed 🙂

15. @The_Animal1970
    Wow. They let people into the US with some Micky mouse passport?!?
    Maybe they should hand over immigration to the IRS. The forms alone would scare off the illegals.

16. Why should I care WHO the US lets into their godforsaken country? Maybe their stupidity will cause the United States to eventually circle the toilet and get flushed. Maybe their stupid tax laws will cause the United States to implode. As far as I’m concerned, the USA can go to hell and the sooner the better.

    When Obama chose to institute FATCA on every other nation in the world he declared war on every nation. Maybe not a shooting war, but a financial war nonetheless. It’s a pity that other world governments were too damned stupid not to recognize the opening salvo.

17. All it takes for the US Currency to be devalued as the global reserve, and the US would be impacted severely. But what that takes is the rest of the world having the cojones to stand up to the United States and refuse to recognize the US Dollar as the global reserve and what we have is a bunch of nutless bureaucrats running every other country in the world, all marching in lockstep to the USA’s financial drum.

    It disgusts the hell out of me.

18. @The_Animal I am so with you on each and every point in both posts. How long is it going to take the world to wake up? There needs to be payback, big time.

19. This may be considered an op-ed by some, but in op-ed by those personally affected by FATCA; you find truth.

    http://www.cato.org/publications/commentary/global-tax-bullies
    http://www.spearswms.com/us-a-bully-because-of-fatca/
    http://www.efinancialnews.com/story/2012-11-21/us-bully-fatca-tax-evasion-rules
    http://www.capebretonpost.com/Opinion/Columnists/2014-07-07/article-3788091/Tax-compliance-act-a-bully-boy-move-by-U.S.-government/1
    http://www.freedomworks.org/content/fatca-will-have-devastating-impact-american-expatriates

20. I think that the payback, Charl, is going to come in the form of nuclear mushroom clouds if Russia and China are pushed to the point of retaliation. At this point, FATCA is not going to matter to the US government because all their elected officials will be scurrying for their rat-holes. Perhaps, us Brockers should invest in some mountainous terrain and start digging an expansive bomb-shelter. That way we’ll be able to carry on our defense against this insidious law once the fall-out stops and the radiation counts go down. They say the only things that will survive the Nuclear Apocalypse is: cockroaches, lawyers and politicians. 😛 We need us Brockers to survive so that we can be their fly in the ointment. 😛

21. Re:

    “Wow. They let people into the US with some Micky mouse passport?!?”

    Nope.

    Dept of State 7 FAM 1310(e) Travel Documents Issued by Native American Tribes or Nations or Private Organizations:

    “The booklet [World Passport issued by the World Service Authority] is not a passport under 8 USC 1101(a)(30) (INA 101(a)(30)) and it is not valid for entry into the United States.”

    Apparently for once the US is not exceptional since according to Wikipedia, quite a few other countries don’t accept it either. But it’s ironic the World Service Authority is located in Washington DC.

22. But it’s ironic the World Service Authority is located in Washington DC.

    Thank you… EXACTLY the point I was trying to get across.

23. Neill said:

    Wow. They let people into the US with some Micky mouse passport?!?

    They probably don’t let them out. Homegrown, I should think.

24. @pacifica777,

    They have pictures of the stamps in the passports. Could be fake I guess but that’s rather strange.

25. FATCA: The most hated tax law

    http://www.examiner.com/article/fatca-the-most-hated-tax-law

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