Media and Blog Articles – Part 1 of 11 (to 26 May 2015)
You can access all years at this link:
http://isaacbrocksociety.ca/media-and-blog-articles-links-for-all-years/
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” too. [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.
2015.05.26
New Survey finds US expat voting could impact 2016 Presidential Election, Greenback Expat Tax Services, NASDAQ GlobeNewswire.
This congressional committee wants to hear all your FOIA gripes, Colby Itkowitz, Washington Post, US.
The black money recovery skills of IT department are nothing to write home about, Vivek Kaul, The Daily Reckoning.
2015.05.25
The Intersection of US Federal Tax Law with Collection of International Information- – Including Other Federal Agencies, Patrick W. Martin, TaxExpatriaation, US.
2015.05.23
America the not so brave: America has led the global assault on tax dodgers and their enablers. But the reality still lags behind the rhetoric, The Economist, UK.
Cash Banned from Chase Safe Deposit Boxes, Matt Chilliak, Live and Invest News.
2015.05.22
US Steuergesetz hat unerwartete globale Konsequenzen, Colleen Graffy, Geopolitical Information Service. Also at Consequences of US widening net to catch tax dodgers, Colleen Graffy, World Review.
The horse may have bolted … but, Angelo Venardos, Asia Asset Management.
Important Correction: Passports Required to Enter and Leave US — but SSNs May be Optional, Patrick W. Martin, Tax Expatriation, US.
2015.05.21
Americans working abroad face unexpected financial issues, Sarah O’Brien, NBC, US.
Senate tax reform groups get more time, Bernie Becker, The Hill, US.
2015.05.20
Malaysia will defer FATCA reporting, FSI Tax Posts.
America’s Self-Inflicted Wound, Moises Naim, The Atlantic, US.
Janice Mays: The Tax Guru Who Guides House Democrats, Alex Brown, National Journal, US.
Sen. Rand Paul Launches Filibuster in Protest of Patriot Act Renewal, C-SPAN, US.
This Supreme Court ruling focuses on Lawyer’s rights but is a good sign.
“The decision also reiterated that warrantless searches are “presumptively unreasonable,”…….
http://www.cbc.ca/news/politics/supreme-court-removes-fintrac-s-power-to-search-law-firms-1.2955940
Boris Johnson to renounce his “accident of birth”:
http://www.theguardian.com/politics/2015/feb/14/london-mayor-boris-johnson-to-renounce-us-citizenship
Thanks, bubblebustin! Comments are similar to all such stories. There’ll be more on this because it is about Boris Johnson and hopefully there will be better discussion somewhere.
@Bubblebustin Re: Boris Johnson. The article does not make it sound as definitive as you make it out to be.
Perhaps he will renounce, and take huge losses in taxes – with deemed sales etc. to pay tax on all assets as if sold – with the expectation that his greatest earning days are ahead of him.
@JC
As a dual at birth, Boris Johnson is exempt from paying the exit tax if he can certify five years of US tax compliance. With paying capital gains on the sale of his home in London, I’m sure he’ll want to have all his tax ducks in order.
@JC – As a dual from birth, Boris would be exempt from the exit tax.
Must be nice to be able to approach a US ambassador about renouncing.
I’m surprised his aides said it was about avoiding having to pay future taxes to the US. Would have been better PR for them to play up how he doesn’t want to appear to have divided loyalties rather than allowing tax avoidance to tarnish his decision. Haven’t these people heard of the Reed Amendment?
@JC
It doesn’t sound as though he’s totally committed, as you suggest:
“The reason I’m thinking I probably will want to make a change is that my commitment is, and always has been, to Britain,”
Probably? Pity.
The Guardian — London mayor Boris Johnson to renounce US citizenship!
US citizenship for Americans abroad is losing value by the day. Anything people are willing to pay money in order to get rid of can’t be worth very much. Citizenship based taxation has got to go before America becomes the laughing stock of the world. The cat is out of the bag that the “Land of the Free” certainly ain’t so free for US citizens (subjects) living outside the homeland.
http://www.theguardian.com/politics/2015/feb/14/london-mayor-boris-johnson-to-renounce-us-citizenship
15 February 2015
‘Boris Johnson ‘intends to renounce US citizenship”
http://www.bbc.com/news/uk-31475945
This time he might just go ahead and do it.
After Boris said that the US tax bill was “OUTRAGEOUS”- did anybody really think that he would keep his US passport to keep facing more outrages? I think it was always pretty clear that he would give it up. It was only a liability for him anyway. (Now if only America would realise this.)
Let him become a test case for the Reed Ammendment. Any way for Brockers to trigger this?
@orwell
I expect he will qualify for the ‘covered’ status but he will not have to pay an exit tax as he is a dual from birth.
Is the Reed amendment a blanket rule that bans all covered expats, or can it be challenged/determined individually by the IRS, if one can prove a non tax motive.
Maybe this is why he is quoting his ‘commitment to Britain’.
Moderators, the Borid news needs to be front page ASAP.
@Bublebustin, @GwEvil ok no Exit tax, yet I believe he still has to pay gains on all his assets as if sold, above say $800K exemption? Is this not true?
Here is my submission that I sent in for the US Senate Finance Committee.
The US Government has Been Unapologetically Un-American in its Increasingly Discriminatory Treatment of US Citizens Resident Overseas. A Fair Remedy is adoption of Residence Based Taxation.
http://isaacbrocksociety.ca/fatca-and-australia/comment-page-1/#comment-5583560
“Mr Johnson said he would approach US ambassador Matthew Barzun to explore what steps he had to take to give up his American nationality.”
This sounds a bit clueless. Not simple. He needs high powered legal and financial advice that would beyond the abilities of the US ambassador.
@JC What you describe IS the exit tax. Anyone with total assets above $ 2,000,000, will have to pay an exit tax of 15% on any’ unrealized’ gains. House, stocks, investments etc.
Boris as a dual is excused doing this as he fits the dual at birth definition.
“There is only one exception for adults. If you received citizenship of both the U.S. and some other country at birth, if you continue to hold the citizenship of that country, if you are taxed as a resident of that country, AND if you have been a resident of the U.S. for no more than 10 of the 15 years prior to renouncing U.S. citizenship, you’re exempted from the exit tax provision. (A minor who relinquishes U.S. citizenship before age 18.5 and did not reside in the U.S. for more than 10 years is also exempted).
He had to pay tax on the gain he made on his house at the time of sale as that is the tax situation for ALL US citizens wherever they reside.
You can read the expatriation guide here
http://renunciationguide.com/expatriation-and-tax-details-of-current-law/exit-tax-on-renunciants/
@JC Perhaps Boris is hoping that he can receive some favoured, or streamlined treatment, politician-to-politician, as a special courtesy, of a sort not available to the ordinary person. Unlike the U.K. or France, the U.S. ambassadors are not always career civil servants. U.S. ambassador Matthew Barzun has an appointment that might have nothing to do with the fact that he was a chief fund-raiser for President Obama’s election campaigns. He is an ex-businessman, married into the family that owns Jack Daniel’s whiskey. He has said “I have a different, and some might say unorthodox, method for assessing the health of the British- American trade and investment partnership. I use whiskey.”
By contrast, the U.K. ambassador to the U.S. has been a professional civil servant since 1972. The French ambassador to the U.S. joined than country’s diplomatic corps in 1982.
Why shouldn’t Boris get into streamlined? He fulfils all the requirements. He will get neither an exit tax nor penalty. He just has to pay up the last 5 years of taxes. I`m guessing he was trying to get out of that: the 5 years past taxes. But otherwise he should be a pretty simple case, actually. He has lived his whole life in England. He was never aware that he had to pay taxes to America- ergo “non-wilfull”.
given that he has worked for a foreign government, he probably could relinquish (rather than renounce).
I wonder if anyone has told him. I also wonder if the Ambassador from the US will tell him this or direct him to one of the compliance industry condors who will tell him to join one of the OVID-type programs at a high fee both to the IRS and this condor.
How can we warn poor Boris?????
@JC – From what I understand, No Exit Tax means No Exit Tax.
As a “dual at birth” he has to be/swear to be up-to-date for 5 years prior IRS tax filing/payments, but NO EXIT TAX and no permanent stamp on his forehead as a “Covered Expat” with any future obligations.
And, as he has worked for the British Govt, he probably can relinquish!!! Hope someone will tell him this so he doesn’t get unknowingly spun into a web of unnecessary fees. Ah, if only he read IBS…… (and helped with ADCS). Anyone out there that can help to make this happen for poor Boris?
@JC
Thanks for your comment to the Finance Committee.
How can Boris relinquish when he went and got himself a US passport just a few years ago?