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. All of the claims I’ve read about Boris renouncing have been based on articles where he or others have stated that he intends to renounce. I agree, iota, the Guardian is being sloppy here.

    I don’t know the relevance of Boris obtaining a summary of his British taxes. Perhaps if he’s taking a run at another office?

  3. During the initial fallout from the Panama Papers, UK politicians were falling over themselves to publish their tax summaries and swear they’d never dream of having any hidden money. Boris duly published his, including the statement that no US tax liabilities arose
    Which I take to mean he was fully covered by FEIE and FTCs.

    Boris is not standing for any office at present, he’s cleared the decks to be available to replace Cameron, if the UK votes to leave the EU.

  4. @iota

    Lol, how would hidden money show up on a tax return?

    Yes, it would seem that Boris finally got some good US tax advice and has managed to avoid being hit with a US tax bill again.

  6. There seems to be the perception among politicians and the public alike, that any “offshore” accounts are bad.

    Kill them all and let God sort out the sinners…

  7. As the IRS says, and carefully trains its agents to believe:

    “Most U.S. taxpayers using an offshore entity or structure of entities to hold foreign accounts are simply hiding the accounts from the Internal Revenue Service and other creditors. Such accounts may be the repository of funds skimmed from a U.S. business activity. Funds invested through secret offshore accounts may grow at a faster rate than domestic investments, because current earnings escape taxation. In addition, funds accumulated offshore are often passed to future generations free of transfer taxes.“

    https://www.irs.gov/pub/int_practice_units/OAR9435_04_01R.pdf

    I cannot tell a lie. I am indeed planning to leave money to my grandchildren, free of transfer taxes.

  8. I’m surprised that the IRS created Streamlined with that kind of attitude. It also shouldn’t come as a surprise that with that attitude those who are entering Streamlind now are subjected to more scrutiny than others were when it was first introduced.

  9. Trying to collect some non-wilful penalties I suppose. They probably expected most international filers, being obviously tax evaders, would be forced to opt for the much more lucrative OVDP to avoid criminal charges.

  10. @Bubblebustin

    I think Boris is making a run for PM… hence he will have to get rid of the noose… which homelanders consider a great gift….

    @iota

    Every dime in my family is for past, present, & future generations… all earned through blood, sweat, & tears…. Saving like a fiend…. going without to ensure that…. we refused to be robbed by a bunch of free loaders who think what ours is theirs through citizenship, visa, or GC… Even if we have to yank everything we own & buy hard assets or in a coffee can…. for them….

  11. @US_Foreign_Person – I thought until recently that Johnson would have to renounce to be P.M. But I’ve since read somewhere – can’t remember where – that you only have to be an MP (which doesn’t even require British citizenship), command the confidence of the House, and be invited by the Queen to form a government.

  12. To be fair the IRS is talking about structures where the accounts are held by a company or a trust rather than an individual here. My pensions though are likely trusts in foreign countries.

  14. They seem to make more or less the same assumptions about any non-US account – i.e., that it’s purpose is to hide money from the IRS, that the balance may be increasing more rapidly than it would in a US account because it hasn’t been taxed severely enough, and that the owner of the account may intend to pass the accumulated profit to descendants without paying any IRS transfer taxes. Hence FINCEN, Schedule B, FATCA – over and over again, vainly searching for evidence of the crimes these outrageous foreign accounts are being secretly used for.

  15. @Karen – Perhaps he doesn’t want to give up the passport. But if he really does become P.M., he may come under pressure to renounce even if it’s not a requirement.

  18. @iota – I would think that the blue passport would be a liability for Boris, not an asset.

  19. @Karen – when asked why he hadn’t renounced as he had said he would, he said the passport was very convenient.

    He apparently doesn’t normally pay any U.S. tax. It was just the big whack he had to pay when he sold the property, that came as a shock, it seems. So I guess he has no particular reason to renounce unless the American citizenship becomes politically embarrassing.

  20. @iota There are myriad ways one is disadvantaged by US citizenship living in another country. Tax on gains of house are only one (while not being able to take advantage of the US break of writing off interest payments on the home from ones taxes).

    If Boris Johnson has not yet renounced I suspect he has concern about the Exit Tax, thus prohibitively costly to renounce. He would probably have to sell assets to pay the Exit Tax. And once that is done England would want to tax any gains on those assets – so a sort of double taxation. Also, I wonder how Boris Johnson’s government pension would be treated by the Exit Tax?

  21. I think Boris is a dual national UK/US at birth so wouldn’t have to desk with exit tax?

  24. I could be wrong but I thought a child born to a UK citizen outside the UK is considered a UK citizen at birth if the birth is registered?

Comments are closed.

%d bloggers like this: