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)”

  2. This was in a Taxlaw 360 headline (I get the headlines, but don’t subscribe). Anyone know more about this?
    GOP Rep. Floats Sweeping Reforms To Income Tax Code
    A Republican congressman has proposed a bill to overhaul the federal income tax system by taxing businesses’ cash flow instead of income and eliminating tax deferral rules for multinational corporations, steps he said would make “America the largest tax haven in the world.”

  4. I have just signed the above-mentioned petition. It takes a minute, please let’s all do it. Even non-Democrats and non-Bernie voters should do it.

  5. Harnessing the strength of European depositaries

    Thu, 24/03/2016 – 10:26

    http://www.hedgeweek.com/2016/03/24/237819/harnessing-strength-european-depositaries

    Take-away: FATCA is driving financial institutions out of business and reducing customer choices.

    Regulation is certainly proving to be another important catalyst behind consolidation among fund administrators, which Smith is quite sure will continue to play out as a theme over the next few years; potentially reducing the number of administrators in Switzerland to a smaller number of global operators.

    “The impact of regulation is restricting the competitiveness of administrators whose operations are more fragmented. At BNP Paribas Securities Services, we focus on staying ahead of regulation and understanding what needs to be reported; be that in relation to EMIR, AIFMD, UCITS or FATCA. Across the entire regulatory landscape, managers are looking for service providers that have broad investment capabilities. This puts us in a strong position to be seen as a truly viable solution to our clients, not just in Switzerland but across our entire network,” says Smith.

  6. @Pacifica777:

    The petition letter, which you have to click on to read, contains fine print saying that this is the one remaining hurdle to winning the petitioner’s full support. Therefore, signing the petition pledges support for the rest of Bernie.

    Letter to
    Senator Bernie Sanders

    However, there is one hurdle to winning over my full and unreserved support as an American abroad.

    That hurdle? Citizen based taxation and its surrounding issues.

  8. “DOJ Tax Division Today: Interview With Acting Assistant Attorney General”
    http://www.maglaw.com/publications/articles/00419/_res/id=Attachments/index=0/Temkin%20NYLJ%203.23.16.pdf

    Mainly about Swiss banks, but including this brief Q&A about the Streamlined Procedures:

    Temkin: Given the number of taxpayers who have already cured their historical non-compli- ance through either the OVDPs or Streamlined Procedures, is it realistic to think that offshore accountholders who have not already done vol- untary disclosures are going to come forward at this point?
    Ciraolo: After seven years of voluntary disclosure programs, nearly 200 criminal prosecutions, and the increased assessment and suits to collect FBAR penalties, a taxpayer’s claims of ignorance or lack of willfulness in failing to comply with disclosure and reporting obligations are not well-received. Similarly, we are very interested in taxpayers who filed tax returns and FBARs pursuant to the Streamlined filing procedures, or the Delinquent International Information Return or FBAR submission procedures, who falsely claimed either to have engaged in non-willful conduct or to have acted with reasonable cause.
    For those accountholders who have not yet come forward, time is running out. Those who fail to enter the IRS offshore voluntary disclosure programs may face substantial civil penalties or, if warranted, a criminal investigation.

    And in the footnotes:

    This column has previously described the various iterations of the Internal Revenue Service’s Offshore Voluntary Disclosure Programs and Initiatives, and well as the Streamlined Filing Procedures. See Jeremy Temkin, “One Last Chance for Offshore Account Holders,” New York Law Journal (May 14, 2009); Jeremy Temkin, “Voluntary Disclo- sure of Offshore Accounts: Yet Another ‘Last’ Chance,” New York Law Journal (Feb. 17, 2011); Jeremy H. Temkin, “New Offshore Voluntary Disclosure Program: A Carrot Without a Stick?”, New York Law Journal (July 12, 2012); Jeremy Temkin, “Offshore Accounts: The Beat Goes On,” New York Law Journal (July 16, 2015).

    Also http://federaltaxcrimes.blogspot.co.uk/2016/03/interview-of-acting-assistant-attorney.html#more

  9. @iota

    Catch-22. It’s becoming clear that the only appropriate route for minnows is to avoid amnesty programs altogether – assuring wilfulness.

  11. @Bubblebustin – Yes I agree, people should be wary. Maybe the threats are just aimed at trying to scare the remaining whales into the net, but it could be that they are going to move to assuming wilfulness, as you say, or redefining wilfulness, in order to widen their penalty base and keep the dollars coming, as the flood of new entrants slows down.

  12. @iota

    They’re destroying the entire reason for creating Streamlined in the first place – which was for minnows who had no place in OVDI.

    The threats aimed at trying to scare whales into the net will only serve to keep minnows from entering. With this Draconian mindset, the IRS is undermining what it hopes to achieve – compliance.

  14. @Bubblebustin – escalating threats and penalties –> lower and lower levels of compliance –> reduced CBT revenue — increased CBT costs —> end of CBT?

  16. @bubblebustin, re;
    “Catch-22. It’s becoming clear that the only appropriate route for minnows is to avoid amnesty programs altogether – assuring wilfulness.”, from your comment on; “…Ciraolo: After seven years of voluntary disclosure programs, nearly 200 criminal prosecutions, and the increased assessment and suits to collect FBAR penalties, a taxpayer’s claims of ignorance or lack of willfulness in failing to comply with disclosure and reporting obligations are not well-received…..”:

    Ciraolo’s statements indicate to me that like their mindset in the OVDI/P programs, the IRS worldview is that all those abroad ARE willful and guilty criminals BEFORE THE FACT. Their new demands for Streamlined participants to provide a ‘complete’ ‘story’ including the negative factors as well as indicators of non-wilfulness and reasonable cause only indicate that their willful mindset will never shift.

    The IRS tactic; Stick and more stick:
    Beat ordinary people outside the US bloody in order to make US resident billionaires behave. Right. That will totally work.

    Of course they’re probably still lying awake counting the confiscatory penalty revenues they dream of generating rather than any actual taxes which could possibly be assessed on more minnows – given that ALL of the accounts that those living outside the US hold are considered ‘offshore’ and ‘foreign’, and given that logic would dictate that there are a finite amount of million, billion and trillionaires in existence who’ll enter the ‘voluntary’ IRS clutches.

    Maybe IRS math is like this;
    >7-8 million UStaxablecitizen/person Units abroad X 1 or more non-US account X $10,000. USD penalty units = something.

    For the IRS, casting the entire world outside the US as a mass of willful taxable widgets abroad is what they dream of.

  19. So that’s 863,229 pointless FBARs the IRS had to work their way through with no hope of reward. 🙂

  22. I doubt very many here will be shocked by this …
    http://gizadeathstar.com/2016/03/say-isnt-rothschild-family-member-sought-banking-fraud-issues-oh-shock-dismay/
    http://thefreethoughtproject.com/rothschild-bank-criminal-investigation-baron-david-de-rothschild-idictment/

    After opening a trust company in Reno, Nev., Rothschild & Co. began ushering the massive fortunes of the world’s most wealthy individuals out of typical tax havens, and into the Rothschild run U.S. trusts, which are exempt from the international reporting requirements.

    Haven’t we been saying all along that the USA is the biggest tax haven of all?

  24. Non US person – Swiss Only – feels extorted and threatened by the US compliance:

    As the US Justice extorted a Swiss pensioner
    03/23/2016 Mischa Aebi
    A Swiss pensioner, who has never been in the United States, never wanted there and nothing else, “the hat” has with America, was the omnipotence of the United States to feel. The reason: He has refused to fill out a form PostFinance.

    http://www.bernerzeitung.ch/schweiz/standard/wie-die-usjustiz-einen-schweizer-rentner-erpresst/story/24391001

  25. Right click on the above an select translate. I believe there is a way to save/link the translated page yet I am not at that point yet.

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