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. @JC

   Just another misleading advertorial from a greedy compliance condor. Just ONCE I would like to see an article that calls-out the US for failing to respect and practice the global standard of RBT. Instead, articles like these begin with passing factual reference to CBT, as if it was some kind of immutable law of physics, like gravity, then proceed to sell schmucks advice on how not to float away into space.

   Amazing how American exceptionalism distorts everything, especially intelligence.

2. Looks like it’s on CNBC as well. Quite poor in spelling out what a pain this will be.

   http://www.cnbc.com/2016/08/15/expats-brace-yourself-for-the-tax-consequences.html

3. More on US hypocrisy;

   ‘Delaware» Crackdown: All Bark and No Bite?’
   Monday 15 August 2016

   http://www.finews.com/news/english-news/24039-us-barack-obama-jack-lew-taxevasion-offshore-cdd-final-rule-ubs-panama-papers

4. @JC Deckard

   What’s that condor talking about when he mentions there’s “tax amnesty” under Streamlined? All taxes with interest must be paid IN FULL.

5. We are only embarrassed by the US tax system with it’s need to tax any dollar however received when it hits just one special kind of prize. Sickening really. To me it’s far worse that we tax the special savings account of disable children in Canada. But then my morals were always quite suspect in comparison to Chuck Schumer and his pals. If they shout fair share load enough they can’t hear the bones breaking under their jackboots.

   http://www.evesun.com/news/stories/2016-08-15/24420/Bill-stops-IRS-from-taxing-Olympic-medals/

6. Wow! You just can’t make this up from this utterly despicable person:

   http://hotair.com/archives/2016/08/08/priceless-schumer-says-waive-tax-on-olympians-because-hard-work-shouldnt-be-punished/

7. Oh yes, you lot are begging for same country exception. You won’t have any problems if you get this:

   http://www.expatbriefing.com/expat-news/US-Expats-Urge-Same-Country-FATCA-Exemption-71955.html

   Most expats don”t want same country exception. It”s close to useless. It doesn’t address all the crazy tax rules they have to abide by. Immigrants with foreign accounts they can”t close like pensions also think same country exception is a good as a chocolate teapot.

8. Millions of USP’s would be left out of SCSH as the proposal requires you be “law abiding”, or tax compliant.

   What incentive do FFIs have to accept SCSH? Seems to me the USG would have to threaten sanctions against FFIs for ditching USP customers with SCSH.

9. @Bubblebustin
   re “tax amnesty” – I think they mean “FBAR penalty amnesty” as that is really what streamlined offers.Taxes must be paid (always and forever).

10. I thought “potentially incur no penalties” would be in reference to FBAR, Karen.

11. Apparently good for ACA who only represent *US Homelanders Abroad* who plan to return to their homeland — they don’t represent my Canadian family and many other of our families who have very different descriptions.

12. @Neill, very good point. Here we get grandstanding US politicians creating a bipartisan bill to exempt Olympic medals won by US residents from being considered taxable income, yet none of those politicians is at all embarassed by the US extraterritorial FBAR, the US extraterritorial taxation of and siphoning off of children’s ‘foreign’ (non-US) education savings and grants, the ‘foreign’ (non-US) disability benefits, grants and savings of the most vulnerable, and the US extraterritorial FATCAnizing by the deputized local Banksters of Canadian children’s savings accounts set up in Canada by Canadian parents http://maplesandbox.ca/2016/baby-elles-fatca-letter/ http://maplesandbox.ca/wp-content/uploads/2016/04/TD-Baby-Elle-Letter.pdf

    And the US despicable crusade against our local legal savings continues, despite the best efforts of even tax professionals to raise the ethical issues;
    http://www.aicpa.org/advocacy/cpaadvocate/2016/pages/us-canada-cross-border-accounts.aspx

    See for example, this letter https://www.aicpa.org/Advocacy/Tax/DownloadableDocuments/2016-03-04-comments-on-proposed-tax-relief-us-can-equivalent-purpose-def-tax-savings-plans.pdf . It is addressed to the Mythster; “The Honorable Robert Stack” Deputy Assistant Secretary, Department of the Treasury, International Tax Affairs and his Treasury kin. We can be very sure that by now, the Mythster is very well aware of these issues and yet, he sleeps well at night, dreaming of the extraterritorial taxation, FBARring, FATCAnization and IRS penalization of the birthday, education and disability savings of children and the vulnerable outside the US.

13. @Neill, If Schumer has his way and exempts Olympic prizes from tax, will that apply to US dual citizens who competed on behalf of their OTHER country? Or will they have to compete for the US to benefit?
    http://olympics.cbc.ca/news/article/penny-oleksiak-leaves-former-canadian-olympians-stunned.html

14. Ira Stoll, as always, has a good rebuttal to whatever drivel spewed forth from Schumer’s mouth this week:
    http://www.nysun.com/national/pols-deserve-olympic-medal-in-fiscal-hypocrisy/89686/

    Those of you who’ve been following CBT issues for a while may remember his brilliant 2012 article on the Ex-PATRIOT Act:
    http://www.nysun.com/national/schumer-bid-to-tax-a-founder-of-facebook-ignites/87829/

15. @Karen,
    I think even the title of the bill says US Olympians. We would have to read the bill to be sure as even titles int he tax code don’t mean anything.

16. I’m sure the bill is drafted without any consideration for US citizens living in other countries.

17. @bubblebustin: I’m sure the bill is drafted without any consideration for US citizens living in other countries.

    No clue about Schumer’s bill, but if it’s anything like John Thune’s bill from a few weeks ago, you’re right
    https://www.congress.gov/bill/114th-congress/senate-bill/2650/text

    (a) In general.—Section 74 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

    “(d) Exception for Olympic and Paralympic medals and prizes.—Gross income shall not include the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.”

18. @Eric

    At least they’re consistent!

    Do as I say, not as I do:

    https://www.taxconnections.com/taxblog/new-pressure-to-put-on-fatca-countries-to-comply/#.V7MiVZBfOrU

19. Republicans Finally Step Up Their Ground Game … In Israel

    http://www.thewrap.com/republicans-finally-step-up-their-ground-game-in-israel/

20. Not available for comment, but a good effort to get US attention to at least some aspects of the maltreatment of expats;

    ‘AICPA Calls for End to Duplicative Expatriate Tax Reporting Requirements ‘
    Published August 15, 2016

    “Washington, D.C. (August 15, 2016) – The tax compliance process for certain Americans living overseas should be simplified through targeted elimination of certain duplicative reporting requirements, the American Institute of CPAs (AICPA) recommended in a letter http://www.aicpa.org/Advocacy/Tax/DownloadableDocuments/AICPA-Comments-on-Simplification-of-Tax-Filing-Obligations-for-Americans-Living-Abroad-08-15-16.pdf today to the U.S. Department of the Treasury and the Internal Revenue Service (IRS).

    The relief would apply to foreign accounts established in the taxpayer’s country of residence provided that the United States was already directly receiving information from the financial institutions under the Foreign Account Tax Compliance Act (FATCA). “……….
    http://www.aicpa.org/Press/PressReleases/2016/Pages/AICPA-Calls-for-End-to-Duplicative-Expatriate-Tax-Reporting-Requirements.aspx

21. @badger

    I see this as having a better chance of flying than SCSH since there is already the RRSP exemption precedent. What I don’t understand though, is how the current reporting is “duplicative” to FATCA when RRSPs, RESPs, RDSPs and TFSAs are exempt from FATCA reporting by the banks under Canada’s IGA.

22. Those registered accounts being reported to the CRA (for the IRS) are exempt for the banks, but none of the reporting exempt for the US holder of these Canadian registered accounts. Have a look at the time requirements for filing 3938, 3520 and 3520A at the end of each PDF of instructions for those forms.

    Just give me a clear way for my Canadian son’s expatriation from the entrapment of US-deemed US citizenship and from the absurdity of US CBT.

23. Gross lack of accountability for just how the proceeds from US taxpayers has been spent: http://www.globalresearch.ca/pentagon-cannot-account-for-6-5-trillion-dollars/5541244

    If true — how does the government of what they define *greatest country on the face of this planet* get away with this?

    Would any accounting department of any corporation or company get away with these practices? Who holds to account these government representatives who spend US taxpayer monies? One unbelievable crime after another.

24. @calgary411 we are working on it. For all you ask it appears ADCT is the most hope. The alignment of a Republican Prez, House and Senate seems kind of shaky at the moment.

    Perhaps it is a good time to appeal for the long shot of an Obama Presidential Pardon.

    I look forward to ADCS legal action proceeding and highlighting injustices on the part of both the Canadian and US governments in this.

25. Thanks for your comment, JC.

    Another letter to President Obama? For a crime committed — as my son, others like him and, indeed, all of us are criminalized?

    Wonder if Obama would agree with those Department of State officials who gave this to the Washington, DC immigration / nationality lawyer I hired:
    

    Department of State (DOS) persons have “sympathy” for such cases. However, the developmentally disabled person will have to have FULL understanding of what he’s doing; if any question of lack of comprehension and grasping meaning and importance of ramifications, they could NOT approve such a case. From DOS point of view, U.S. citizenship is precious and they have therefore established fundamental requirements for “compelling reason”. Even though there is the risk that a person’s financial resources could run out before his/her life was over, they will never approve a renunciation for financial / economic reasons. DOS has NEVER had such a renunciation case approved due to “compelling circumstances”. (I could sue but persons he talked with at DOS are SURE no one would ever win such a case as the courts view the discretionary action that DOS has would take precedence).

    What help for my Canadian-born to two US parents son said to be a US citizen from his first breath (or anyone like him in any other family like mine with their tainted family member)? Looks to me and others that the exceptionality of the US has no room for those without *requisite mental capacity* but to remain ENTRAPPED by the exceptional great USA. Would ALL just like my son be pardoned for the *crime* of their US-deemed US citizenship *accidental* births they had no say in?

    I think not — the reason I am in favour of both the ADCS and the ADCT litigations.

    From another current post, maz57’s words: http://isaacbrocksociety.ca/2016/08/14/the-reed-amendment-another-one-to-throw-on-the-pile/comment-page-1/#comment-7644949

    @calgary & maz57

    Aside from the bureaucratic barriers to applying the Reed Amendment, it remains a cruel joke and an ongoing testimony to the vindictive, dysfunctional, monster the US government has now become.

    AMEN!

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