Liberty and justice for all United States persons abroad

The Isaac Brock Society

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.

26 May 2015:  This thread is now closed.  It continues at Media and Blog Articles Open for Comment, Part 2 of 2.

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.

Articles from earlier in 2015 are at this link

Articles from 2014 are at this link

Media and Blog Articles Open for Comment, Part 2, is at this link

Media and Blog Articles Open for Comment, Part 3, is at this link

3,971 thoughts on “Media and Blog Articles – Part 1 of 11 (to 26 May 2015)”

  2. A call for the IRS Commissioner’s resignation over rampant taxpayer identity theft:

    …”Probably the worst part of this season was the exponential increase in identity theft. The continuing failure of the IRS to deal with this problem is disgraceful. The failure of Congress to address it is nearly as bad.

    No, the solution isn’t to give Commissioner Koskinen all the money he wants. It’s a systems and controls problem, and the last time the IRS got a blank check for systems upgrades, they boggled it entirely. And nothing Mr. Koskinen has done gives any confidence that he can be trusted with it.

    The solution starts with a new commissioner. It will include slower refunds. It will include system upgrades that will, for example, reject e-filings claiming earned-income credits for somebody who habitually files returns with adjusted gross income in the millions (We had multiple ID thefts of six and seven-figure filers this year). It will include a long-term system upgrade, with long-term funding to be released only in steps as progress is made. And maybe the solution includes changing the culture that thinks tax refunds are a good thing.”…

    http://rothcpa.com/2015/04/tax-roundup-42015-cheer-up-it-could-have-been-even-worse/

  5. Thanks for the heads-up about the budget @Tim.
    This link takes you straight to the section titled “Update on the Automatic Exchange of Information for Tax Purposes” in the 2015 Budget:
    http://www.budget.gc.ca/2015/docs/plan/anx5-1-eng.html#toc416529226
    This looks like the key paragraph:

    Under the new standard, foreign tax authorities will provide information to the Canada Revenue Agency relating to financial accounts in their jurisdictions held by Canadian residents. The Canada Revenue Agency will, on a reciprocal basis, provide corresponding information to the foreign tax authorities on accounts in Canada held by residents of their jurisdictions. In order for the Canada Revenue Agency to obtain the information to be exchanged, the common reporting standard will require financial institutions in Canada to implement due diligence procedures to identify accounts held by non-residents and report certain information relating to these accounts to the Agency. It will not require reporting on accounts held by residents of Canada with foreign citizenship. The standard includes important safeguards to protect taxpayer confidentiality and ensure that the exchanged information is used only by tax authorities and only for tax purposes.

  6. @ EmBee RE “It will not require reporting on accounts held by residents of Canada with foreign citizenship. The standard includes important safeguards to protect taxpayer confidentiality and ensure that the exchanged information is used only by tax authorities and only for tax purposes”

    Yea, right, EXCEPT for “US Persons” who are residents of Canada.
    And I hope they aren’t holding their breath in anticipation of getting for US “foreign tax authorities” to “provide information to the CRA relating to financial accounts in their jurisdictions held by Canadian residents. While other nations may comply with little old Canada’s wish for exchange of tax information, we all should point out the absurdity of this expectation to our MPs in terms of our interaction with the US.

  7. Tim: I put your news about the 2015 Budget’s mention of the Common Reporting Standard in a new post. Thanks for alerting us!

    LM and Charl: Sure wish I lived in Toronto!

  8. @Neill

    De minimis thresholds are pointless if they aren’t adjusted for inflation. Any benefit of having them is lost in pretty short order. Had FBAR been, the reporting threshold would now be in excess of $70K, which would put it above the FATCA reporting threshold for US residents.

    File your complaint at the department of redundancy department, where they’re sure to listen.

  10. @Bubblebustin,
    It would be a significant reduction in crap for me if I only had to file say 8938 each year with my taxes.
    I understand inflation adjustments so no need to explain them to me.

  11. Yes, I’m sure you do, Neill. Je comprendre, we do both too. In OVDI we did FBAR’s for 42 banks accounts over the course of 8 years, and that was before the electronic ones. I guess I was trying to illustrate to not only you, but others that without an adjustment for inflation for both FBAR’s and 8938’s, there’s no point in having a de minimis threshold, as it only serves to reduce the threshold every year without it.

  16. I know it’s off-topic, but:

    http://www.people.com/people/package/article/0,,20913899_20915288,00.html

    I respect Sandra Bullock and enjoy many of her films, but “most beautiful woman in the world?” I am so sick and tired of the American attitude that anything that is the “best in America” is always deemed “best in the world“. Of course, most Homeland Americans go along with this attitude. This sort of trivial story does illustrate America’s superior attitude toward the planet it ostensibly rules.

    Sorry, but on my street alone there are half a dozen normal Asian women whose beauty, elegance and femininity put to shame just about any blonde or brunette Hollywood starlet. Call Bullock “most beautiful actress in America” and, though still hyperbole, I’m okay with that.

  19. @Barbara,
    Claims about Sandra don’t bother me. Calling the president the ‘leader of the free world’ bugs the hell out of me though.

  22. @Dreamer
    GREAT articles! What a relief to have others write what we have been saying…. without our swat team having to go out and correct them. More! More!

  23. This comment (from the Yahoo article) is most irritating:

    Moon bawled her eyes out yet she continues to REAP the rewards of living here in Canada ! SOMETIMES you can’t have your cake and pretend to eat it too ! Sheet or get off the pot !

  25. double standards in punishments, rank and connections have their privileges
    Gen Patraeus was sentenced to probation and a fine for leaking classified materials
    the US would hang Snowdon if they could get him
    Lowly former US Captains like me forfeited all benefits derived from military service including pensions
    if had qualified for renouncing US citizenship, The general probably did not lose any benefits for his actions.

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