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The Isaac Brock Society

Media and Blog Articles Open for Comments – Part 4 of 11 (Year 2017)

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-4-of-4)

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.   I’ll make a permanent list of links posted here and keep adding to it,  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.

Notes:

From JC:   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.

From Badger:   On an important archival note, please use the Internet Archive Wayback machine https://archive.org/web/ (see bottom right ‘Save Page Now’ box to enter URLs of webpages you want saved for posterity, and try to save backup copies of articles and other items of interest in some other form – such as a datastick or external drive. Some important and very significant webpages and the fulltexts of articles are no longer available (although some can be retrieved if someone using the Wayback machine saved 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.

2017.12.28
It’s time to address the double standard about tax havens, Angela Wrights, Macleans, Canada.
The US Is Becoming the World’s New Tax Haven, The Editors, Bloomberg View, US.
2017.12.21
Rep. Dina Titus Supports Americans Abroad Tax Reform, Democrats Abroad, US. 
Now That The GOP Tax Bill Is Approved, The IRS Gets Busy, Brian Naylor, NPR, US.
2017.12.20
Taxpayers will have to wait to find out how they fare under new legislation , Renae Merle and Aaron Gregg, Denver Post (reprint from Washington Post), US.
U.S. Shareholders –Take Action by December 31, KPMG.
2017.12.18
Have You Ever Felt Sorry for the I.R.S? Now Might Be the Time, Patricia Cohen, New York Times, US.
2017.12.12
EU finance ministers issue warning to Trump over tax reforms, RTÉ, Ireland.
2017.12.11
Banque: les consequences étonnantes de l’accord FATCA, Edouard Lederer, Les Echos, France.
2017.12.10
As Australia ousts MPs with dual citizenship, Canada’s Parliament embraces many in its ranks, Kathleen Harris, Canada. (mentions MP who “assumed his U.S. citizenship was automatically rescinded because he did not meet several requirements for continued citizenship. [But when travelling to Washington] was told he was ineligible to enter the U.S. on a Canadian passport because he was a U.S. citizen. He was . . . allowed in on a one-time basis . . . it cost him $3,000 to later sort out the administrative requirements.”)
2017.12.09
The American Diaspora: Outreach and Organization, Victoria Ferauge, The Franco-American Flophouse, Japan.
2017.12.08
Foreign-owned banks to be hit by US tax rules, Financial Times, UK.
Trump Tax Plan Worries Europe, Christian Reiermann, Der Spiegel, Germany.

For articles earlier in 2017, click here.

1,720 thoughts on “Media and Blog Articles Open for Comments – Part 4 of 11 (Year 2017)”

  1. Check this out! http://www.castanet.net/news/World/187082/Price-tag-for-wall-15B

    The last paragraph says this: “Before Trump’s appearance, Ryan sketched out an ambitious agenda to lawmakers that includes sending Trump a health care repeal bill by March and a rewrite of tax laws by summer’s end.”

    It doesn’t say so specifically, but I hope this “rewrite” includes us! At least we may now have a possible time frame. Let’s make those phone calls and load up those mailboxes with our earnest pleas for justice from US lawmakers. The next eight months are for making our voices heard loud and clear! We EXPECT nothing less than the complete and total demise of CBT.

  2. @Muzzled……we need to be a two pronged attack.

    The Executive needs to gut the IGAs first and provide immediate relief.

    THEN Congress repeals what is left. That would be as part of a wider tax reform bill.

    Plus Treasury needs to amend the FBAR rules which the can do on their own.

  3. George: You’re probably right. With the speed these Executive Orders are being pumped out maybe we can hope to see “immediate relief” sooner than the summer. Wouldn’t that be amazing?! We can but hope!

  4. I still hold on to the hope, but recent developments, such as the new administration’s willingness to take a portion of Mexican workers’ remittances sent home, gives us a glimpse as to their concept of what is right and wrong. There are parallels between this and our own situation, and my hope has taken a serious knock on the head. Not dead yet, though.

  9. Some *US Citizens (and their families) in Canada (and Mexico)* might want to stay on top of consequences of possible demise of NAFTA:

     

    Trump’s NAFTA pledge threatens U.S. expats in Canada, published on 30 January, 2017 | by Amandeep Hayer, Moodys Gartner

     

    If the U.S. Pulls Out of NAFTA, What Happens?

    It is not clear what would happen to American workers who are in Canada on NAFTA Work Permit if the U.S. were to pull out of NAFTA.

    One possibility is that the Canadian government automatically transfers everyone to a Work Permit under the old Free Trade Agreement (FTA) between Canada and the United States. FTA contains labour mobility provisions which, on the whole, are virtually identical to NAFTA, but this is not a guarantee. For one, although the FTA was never repealed, it was only suspended, it’s not clear what steps will have to be taken to revive it. Would it automatically come back into force once the U.S. pulls out of NAFTA, or would it require additional steps from the U.S. and Canadian governments?

    …

    Could the Canadian Government Provide Relief?

    The Government of Canada has not provided any indication as to what it would do in the event that the U.S. pulls out of NAFTA. Beyond stating that they would be open to negotiations, the Canadian government has given no indication about how it might react.

    Parliament certainly has the power to enact a special transitional visa for Americans already in Canada. But anything permanent raises constitutional issues. Without a trade deal, it would be incredibly difficult for the Canadian government to legally enact a preferential visa for just American citizens as it is unconstitutional to give preferential treatment based on nationality.

    Thus, from our initial assessment, the hands of the Canadian government could be effectively tied from providing relief.

    …

    What Should Americans on a NAFTA Work Permit Do?

    The worst decision a NAFTA Work Permit holder can make is to simply wait and see what might happen. It’s better to take steps under the existing immigration laws and regulations while you have options.

    The best option is to apply under the Express Entry Program (EE Program) for Permanent Residency. To qualify, a foreign national must reach a minimum points threshold, the threshold varies based on the applicant pool with the most recent threshold requiring at least 459 points.[4]

    Under the revised rules and regulations of the EE Program, issued in November of 2015, American citizens on a NAFTA Work Permit can receive an additional 50 or 200 points if they are applying for Permanent Residency under the EE Program. These bonus points give Americans an edge when applying for Permanent Residency under the EE Program.

    Once a foreign national is granted Permanent Residency, it can be withdrawn only if the foreign national commits certain crimes or is absent from Canada for an extended period of time. Therefore, if the U.S. pulls out of NAFTA, an American with Permanent Residency is no longer at risk of losing his or her legal status in Canada.

    Rather than waiting for the 3 a.m. tweet, Americans on a NAFTA Work Permit should quickly apply under the EE Program and secure their place in Canada.

  11. From Republicans Overseas Facebook page. Trump cannot sign FATCA away constitutionally.

    “FATCA was enacted by Congress and signed by Obama in 2010. As a result, it can’t be overturned with another Presidential Executive Order constitutionally. FATCA’s IGAs are non-ratified tax treaties with two problems: 1) Congress didn’t authorize them in the FATCA legislation and 2) Senate didn’t vote to ratify them as other nations’ legislative bodies have done. FATCA will continue to work its way through our judicial system. A legal victory will encourage many House and Senate members to vote for the repeal. It will show voting for the repeal is to protect overseas Americans’ constitional protections, not helping so called “FAT CAT” tax cheats.”

  12. @Bubbles that is nothing new. Trump can sign away the iga agreements and imo that will lead to collapse of the law.

    Also fbar limits and requirements can be changed by treasury.

    Bottom line much can be done and trump can do a lot and must be held responsible

  13. http://blogs.angloinfo.com/us-tax/2017/01/28/trump-eo-preventing-green-card-holders-from-re-entering-usa/

    …

    Don’t Forget – You Still Owe US Tax Even if You Can’t Enter the Country

    Right now, nothing is very clear and a lot of questions remain unanswered. One thing is clear though, while green card holders may be banned from re-entry to the US under the EO, their US tax obligations will not be abated. They are responsible to pay US income tax on worldwide income regardless of their US immigration status, and they must comply with all tax information return reporting and FBAR reporting rules. Sound unfair? You bet. Maybe it’s time to reconsider that green card. Just make sure you give it up correctly or you may suffer some serious US tax consequences.

    …

  14. Wow!!!
    Conservative Member of Parliament Michelle Rempel is gung-ho about Canadian sovereignty…

    “For Michelle Rempel — Conservative MP for Calgary Nose Hill and the [Conservative] party’s immigration critic — Canada needs to be strong in the face of U.S. policies that conflict with Canadian values or interest.
    ‘Canada is a sovereign nation, a very powerful sovereign nation where we can take our own positions and actions,’ Rempel tells [CBC The Current host Anna Maria] Tremonti.
    http://www.cbc.ca/radio/thecurrent/the-current-for-january-31-2017-1.3958616/is-canada-obliged-to-stand-up-to-the-trump-white-house-1.3958637

    Rempel is notorious for her staunch defence of the Harper government’s capitulation of Canadian sovereignty in enacting the FATCA IGA. Just ask @calgary411.

  15. Shovel — thanks for your comment. Ms Rempel is no longer my MP — if she were, I would be contacting her regarding whether she has changed her mind re Canadian sovereignty for ALL Canadians — and, if not, why not, in light of her current stance of Canadian sovereignty? She should be well versed on the subject (and Bill C-31) on behalf of US-deemed US Persons who reside in Canada (and her Conservative Government referred to as *US Citizens who happen to abide in Canada*). I have sent your comment (and mine) to another Calgarian who is an *accidental Canadian* and resides still in Rempel’s constituency boundaries. Someone needs a COMPLETE answer from this MP.

    Rempel’s is similar to the CCLA stance in their request for donations that I replied to: http://isaacbrocksociety.ca/2017/01/29/lynne-swanson-at-maplesandbox-re-cbc-elizabeth-thompsons-transfer-of-records-from-cra-to-irs-doubled-to-315000/comment-page-1/#comment-7793992

    And, I shall run this by my new Conservative Canadian (Calgary) MP.

  18. The Federal Tax Crimes Blog has a referenced updated article with a few comments on U.S. Passport revocation for not paying IRS taxes. In part:

    “4. What will happen to the person who owes seriously delinquent tax debt?
    Starting in late March, the IRS will send Letter 508C, Notice of certification of your seriously delinquent federal tax debt to the State Department, to the taxpayer’s last-known address to notify the taxpayer that they are certified as owing seriously delinquent tax debt. At that time, the IRS will also send the certification to the State Department…

    6. Can taxpayers just pay the balance to under $50,000 to remove the certification and passport restrictions?
    The short answer from the IRS is no…”

    http://federaltaxcrimes.blogspot.ca/2017/02/update-on-passport-revocation-denial-or.html#more

  19. Got this from turbo tax Canada this morning. Might have impact for U.S. reporting?

    “If you’re a homeowner or just sold your home, here are changes that may be most relevant to you:

    Sale of a Principal Residence: In years past, the sale of your home (principal residence) didn’t show up anywhere on your tax return unless you had special circumstances (using part of your home as a rental, capital cost, etc.) For 2016 and beyond, taxpayers who sell their principal residences must include information on the sale on their tax returns. Although the capital gain rules haven’t changed – any gain realized from the sale of your primary home is still exempt from tax under most circumstances– CRA now wants the information recorded on your return.”

    https://turbotax.intuit.ca/tips/top-tax-changes-for-2016-5667?src=em&cnm=em_JAN-NEWSLETTER_21029398_tile1

  20. @Cheryl

    This was done so that the Canadian government could combat fraudulent capital gains exemptions claims by non-residents.

    The interesting part is, the US only requires one disclose the sale of a principal residence if the net proceeds exceed $250K US.

    In many ways the Canadian government is more draconian and invasive than the US, with this and the Canadian border closed to any Canadians traveling without a Canadian passport. Oh yes, all voters (in BC at least) MUST show ID.

  22. I just ran across a posting on my Facebook from a Thai person stating that Thai green card holders are being detained and forced to sign Form I-407, thereby giving up their right to reside. Anyone else heard about stuff like this going on?

  23. This is happening when they leave the country and try to get back in, even if they have only been to Thailand, which is not a banned country.

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