Liberty and justice for all United States persons abroad

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)”

  1. …with video on the absurd *IRS estimated time requirements* to complete the many IRS forms, including the FATCA 8938:

  3. @Barbara we just need Trump to trumpet the Republican Party Platform 1) Shift to RBT and 2) Repeal FATCA. Or just move to RBT, then only make FATCA apply some how to US resident accounts and assets. That would make me more comfortable with him. Even if he gets in he still would need to work with Congress and face ‘the check and balance system’ [Which outrageously failed US persons overseas].

  6. Four good needed comments appear on that article. (It’s all confusing, i.e. see interesting video regarding all of the *hours required* for persons abroad to properly comply in a comment above.)

  7. @Calgary411, while those at ‘IRS Medic’ are portraying the issues sympathetically, they are nonetheless advertising for business by exaggerating the amount of hours generally required so they can bill clients for more hours. My accountant admitted this to me about the compliance industry…it’s such a racket…in hindsight, I tend to agree with the likes of Andy Grossman (think that’s his name), who implied to me that it’s a racket that benefits cross-border accountants.

    They play ‘nice guy’ but are, in fact, henchmen.

  8. The simple reason why Donald Trump is getting the majority vote (but doesn’t sound smart); he’s playing to the masses. Keep his message simple and he gets the majority vote from those who “don’t think things through” due to their low education. The rest of them haven’t realized this yet. They’re thinking that the game is played “Sound smart and those with the power vote for me.” Trump is working the gutter and getting those marginalized to vote and that’s where it gets scary.

    Obama has been lighting the matches for a “class warfare struggle…” Wall Street poured the gasoline on the tinder pile setting up an us versus them scenario of the 99% masses against the evil 1% rich FATCATs (notice the irony there?) and now Trump is lighting it. WE expats are being decried as rich FATCATS no matter how not wealthy we really are because we have something that they don’t have and THEY want.

    WE are an election conciliatory token gesture. Don’t think that anything will come of it. Because when it all comes down to it, the only freedom we’ll have is to give the USA the middle finger.

    Start digging a bombshelter, boys and girls, because it’s going to get ugly.

  12. @ JakDac
    Thanks for posting those vimeos. The best part of Sen. Sanders’ talk is between the 9 and 12 minute marks. Okay he did agreed with Same Country Exception but doublegoodplusplus for him for wanting to replace CBT with RBT which is far more liberating and much fairer for “overseas” Americans.

  13. Communication with Canadian Civil Liberties. Need some Brock Brain Cells to evaluate:

    https://twitter.com/cancivlib/status/703373858397622275

    “We await Cmte’s response/recommendations in March”

    REPORT TO THE UN COMMITTEE ON ECONOMIC,
    SOCIAL AND CULTURAL RIGHTS
    JANUARY 2016

    Nice. But why wait for a UN committee? How about their own action and acknowledgement/support of ADCS Charter lawsuit ?

  14. monalisa,

    I sure didn’t put the video up as an advertisement for anyone — only for the content on the absurdity of IRS’s estimated number of hours required to work through and file each and all of their necessary forms. The video was about the estimated number of hours as calculated by the IRS. A few examples below.

    https://www.irs.gov/pub/irs-pdf/i3520a.pdf
    Form 3520A, at the end of the instructions, Page 7 of 7, the IRS says:

    The time needed to complete and file the form will vary depending on individual circumstances. The estimated average time is:

    Recordkeeping……………………………… 37 hr., 18 min.

    Learning about the law or the form …………… 2 hr., 40 min.

    Preparing and sending the form to the IRS …….. 3 hr., 24 min.

    Form 3520

    The estimated burden for all other taxpayers who file this form is shown below.
    Recordkeeping ………………………. 42 hr., 48 min.
    Learning about the law or the form …….. 4 hr., 50 min.
    Preparing the form …………………… 6 hr., 40 min.
    Sending the form to the IRS ………….. 16 min.

    Especially absurd — Form 5471. Look for yourself, page 15 of 18 / I can’t insert the table in here so it’s readable: https://www.irs.gov/pub/irs-pdf/i5471.pdf

    Your favourite, the *PFIC* form(s) 8621: https://www.irs.gov/pub/irs-pdf/i8621.pdf, page 14 of 14

    The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers who file this form is shown below.
    Recordkeeping …………………………… 16 hr., 58 min.
    Learning about the law or the form ………… 11 hr., 24 min.
    Preparing and sending the form to the IRS ….. 20 hr., 34 min.

    I think they struck the right cord on the absurdity — even the condors agree it’s so. If an exaggeration, it must be from the IRS from whom the figures are quoted.

  19. @PierreD

    Sad for me that the Globular Male (or as I like to call it, the Glib and Maul) didn’t come out with this info BEFORE I sold my house in 2008! Good for those who might be saved the hard choices I had to make.

  21. Hillary us proposing to protect Americans from getting their bank accounts closed by threatening punishment against banks who do. This is worse than SCSH!

    The following email–from Hillary Clinton– was just sent to people who had lobbied her on FATCA and other tax issues that affect Americans living abroad. In particular, Democrats Abroad have been arguing for a “Same Country Exemption” that would exempt foreign financial institutions from reporting on accounts of Americans legally resident in the country where the FFI was located.

    In supporting our position, Hillary goes further than any of us asked. She suggests going after banks who would use FATCA to deny financial services to ordinary, law-abiding Americans.

    One of the concerns expressed by the Treasury and some of the American Expatriotes members was that even if the SCE were implemented, it wouldn’t do any good because most banks would simply ignore it. But they would find it hard to ignore if the President were looking over their shoulders.

    Let me add that the Treasury has the authority to change the way FATCA is implemented–with no need for legislative action.

    Perhaps a solution is closer than any of us dared to imagine.

    Stanley Grossman

    __________________________________________________________________________________________________________________

    You’re receiving this message because you’ve been identified as a Democrat who is living abroad. If this is not the case, please opt-out here.

    Friend —

    Many of you have shared with me and my campaign the hardship caused by the implementation of the Foreign Accounts Tax Compliance Act, or FATCA — so I wanted to take a moment to explain where I stand.

    FATCA’s intent was to catch wealthy tax cheats hiding money abroad. But in practice, banks are refusing to provide average law-abiding Americans abroad the basic financial services they need because of the compliance requirements of FATCA.

    We need to solve this problem. I support working out an effective same country safe harbor proposal and finding a solution that works to give relief to law-abiding citizens, without weakening our rules against tax cheats. Financial institutions that enjoy the privilege of operating in our economy and abroad need to be held accountable.

    Banking companies operating here at home and abroad need to faithfully demonstrate that they are meeting the everyday banking needs of law-abiding Americans abroad — while still making assurances that their services will not be used in illegal ways, such as funding terrorism or being used to launder money. It’s our responsibility to address these very real problems while also making sure that Americans abroad are having their needs met.

    I’ll work hard to fix this critical problem for you and for your friends and family working abroad, proudly representing our country around the world.

    Thank you for caring deeply about the issues in this election. It’s so important to engage in the political process — I’m glad to have supporters like you on my side.

    Hillary

    P.S. Don’t forget to vote in the Global Democratic Primary. You can find all the information you need right here.

  23. @Bubblebustin Sounds good to me: US force banks of world to be nice to US persons. They have the power to do dso. US citizenship should be less of a lighting rod of discrimination. It would be a bit more tricky to force all the companies of the world not to discriminate against US persons because they are US persons.

    Yet it all sounds similar to Obama’s statements about how he supported expats prior to his election.

  25. Robert Wood was on Neil Cavouto talking about the Donald’s tax returns. He is getting around a lot as a talking head on tax stuff.

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