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.
Egypt Post signs US FATCA Tax Deal
https://www.zawya.com/story/Egypt_Post_signs_US_FATCA_Tax_Deal-ZAWYA20140615051712/
Just brilliant! The IRS has requested Egyptian banks to gather up the names of people with US indicia residing in Egypt.
Thanks Uncle Sam. Good job protecting Americans abroad.
An interesting read of something aimed at the financial industry, ending with:
Don Ryu is a Senior Director – Product Management for Oracle Financial Services Analytical Applications.
Canadian Heroes Poll Shows Our Top 10 Favourite People, featuring some of the Conservative party’s greatest adversaries, past and present’
Notable observation:
…The Conservative government, which has recently been buffeted by a series of Charter-based losses at the Supreme Court of Canada, did not mark the 25th anniversary of the Charter in 2007, nor the 30th in 2012.
Montreal Gazette: Tax Strategy: The demands on U.S. citizens in Canada entering “nightmare” territory
http://www.montrealgazette.com/business/Strategy+demands+citizens+Canada+entering+nightmare+territory/9944097/story.html
Great article Joe Blow– thanks for posting the link.
Another article found
http://www.ftfnews.com/is-fatca-a-train-wreck-you-cant-miss/
I don’t know enough about financial markets but I think this could be the start of moving away from the US $. Read also that asian market wants to open its own clearinghouse to bypass the US… seems that europe is also interested in using the asian market for that
http://www.regulationasia.com/content/singapore-regulator-launch-rmb-liquidity-facility
Wasn’t quite sure where to put this. I had pointed out previously that one of the drivers of Pfizer’s pursuit of Astra Zeneca was a corporate “inversion” which would have moved Pfizer’s tax home out of the US and to the UK. It would have allowed Pfizer to more efficiently access (ie without paying the differential between local tax and the US’ 35% corporate rate on the repatriated earnings) it’s approximately $30 billion of offshore cash.
Yesterday, Medtronic announced an offer to acquire Covidien plc and also pursue an “inversion”. Bloomberg has an article on the topic (http://www.bloomberg.com/news/2014-06-16/medtronic-is-biggest-firm-yet-to-renounce-u-s-tax-status.html). Medtronic has approximately $20 billion of offshore cash. I found the headline about renouncing corporate “tax citizenship” particularly interesting.
“Minneapolis-based Medtronic joins some 44 American companies that have reincorporated abroad or struck plans to do so, including 14 in a recent wave of moves that began in 2012.” I find it intriguing that the trend amongst corporations resembles the trend amongst individuals.
“Republican leaders say that rather than targeting inversions themselves, Congress should remove the incentive to leave the U.S. by lowering the corporate tax rate and repealing taxes on foreign earnings. They advocate dealing with inversions as part of a broader revamp of the tax code, a revision that is unlikely to take place this year.” If only they would acknowledge the issue on the personal side of things and not just the corporate side.
From a companion article (http://www.bloomberg.com/news/2014-06-16/offshore-cash-of-2-trillion-sparks-hunt-for-tax-friendly-deals.html) – “Since 2010, U.S. purchases into the low-tax environments accounted for 15 percent of all overseas transactions with a value of $250 million or more, Goldman Sachs’s data show, up from an average of 7 percent in the previous 15 years.” Interesting how corporate and personal renunciations seem to be following a similar trend.
This whole FATCA issue is like a real-life soap opera with a multitude of twists and turns. No wonder we are all glued to reading about the next event. Thanks to all for bringing so much information to the fore and all the help everyone here has provided to clarify so many US and Canadian (and other) law tweaks. Would that Bopp and his supporters were quickly successful stateside – – all the IGA-signing countries would then have a real panic as run around trying to decide to what to do next, and the IRS might have to squirm away for a while with turd on their face (we can only hope…. and hope it is soon).
PM’s bias comes into focus Re: Battle over rail cargo secrecy intensifies, June 15
Battle over rail secrecy intensifies, Toronto Star, June 15
@Calgary411
Harper is dangerous goods….
We will win the Charter Challenge. Justice will prevail.
Olga Ogloff granted Canadian citizenship after 85 years — Kootenay senior was born in California, but has lived in B.C. since infancy
Allison Christians has a blurb on an article by Bruce Zagaris on ‘US Perspectives on Information Exchange’. This part caught my eye as something of interest:
We’ve been well aware all along of the reciprocity issue, so it’s good to see it getting some additional mention, as it seems that the MSM totally ignores it.
See: http://taxpol.blogspot.ca/2014/06/bruce-zagaris-on-us-perspectives-on.html
Article at Canadian Couch Potato– advice for “US Investors in Canada: What to Watch For.” Says don’t open a TFSA or an RESP. Don’t hold Canadian funds outside of a registered account (RRSPS). Prudent advice, but a loss for Canada (less investment here) and a loss for dual-citizens and their children who would benefit from the education grant and RESP program.
http://canadiancouchpotato.com
P.S. Canadian Couch Potato is one of my favourite Canadian financial blogs. It has loads of great advice on saving for retirement.
GRRRR!!! I could not resist posting a sarcastic comment at this new article out today at FP:
http://business.financialpost.com/2014/06/18/u-s-tax-officials-remove-risk-assessment-and-unpaid-tax-limits-to-encourage-canadian-compliance-with-new-filing-rules/
@WhiteKat – you did good!
WikiLeaks publishes ‘secret draft’ of world trade agreement — WikiLeaks also alleged in its statement that the U.S. is “particularly keen on boosting cross-border data flow” and that this would include personal and financial data.
Comments:
SKM957
Second try, is this why parliament was in such a hurry to shut down for the summer?
1 hour ago
8 Likes
calgary411
This comment is awaiting moderation by the site administrators.
calgary411
@SKM957 ,
And have rammed omnibus Bill C-31 through with the implementation of the FATCA intergovernmental agreement ?
New article in the (UK) Times newspaper: “American citizens not welcome at NS&I“. Paywalled, unfortunately.
http://www.thetimes.co.uk/tto/money/savings/article4123094.ece
Somebody needs to send that article to the “willfully blind” Jack Townsend so he can include it with all his other so-called “anecdotal” stories about expats being kicked out of banks.
It should also be sent to Robert Stack who can add it to his growing collection of “myths.”
The problem is not that homelanders don’t get it. The problem is that they don’t want to get it.
Vancouver Sun — Don Cayo: New U.S. tax law is offensive, but may lead to a better alternative
Goal of catching tax cheats is good, but the U.S. using a sledgehammer approach
http://www.vancouversun.com/opinion/columnists/Cayo+offensive+lead+better+alternative/9956140/story.html
A short but very good article by a homeland journalist who has it right. Hat tip to Tricia, Just Me and John R. for initiating the recent buzz in the WSJ which is beginning to snowball.
Financial Buzz: “Numbers Don’t Lie – Details on those Renouncing US Citizenship to Avoid Tax Rules”
By Sarah Galimore
http://www.financialbuzz.com/numbers-don-t-lie-details-on-those-renouncing-us-citizenship-to-avoid-tax-rules-international-buzz-98480
Email : sarah@financialbuzz.com
A new article on iExpats: “FATCA – Which Countries Are In And Out”
by Jim Atkins
http://www.iexpats.com/fatca-countries/
@ Joe Blow
I began reading the Financial Buzz article but quickly spotted errors and misrepresentations. It started by giving numbers which we know are grossly underestimated and it applied that ridiculous phrase “withdrawn their allegiance” to green card holders. Then came — “accounts held by exiled Americans”. Whoa! My husband would beg to differ about being “exiled”. He left on his own accord. Honestly I lost the will to read after that. Sarah Galimore gets a bee-minus on this buzz piece. I have now concluded that Americans in America really do not get it and never will.
Title says it all:
http://www.montrealgazette.com/business/Strategy+demands+citizens+Canada+entering+nightmare+territory/9944097/story.html
Tax Strategy: The demands on U.S. citizens in Canada entering “nightmare” territory
By Paul Delean, THE GAZETTE June 19, 2014
@Em
I think we are just going to have to agree to disagree on this one. IMHO the article was short / superficial with perhaps a technical error or two but the writer’s (a homelander) POV on expats was appropriate. It points out that many renouncing US citizenship are not rich tax evaders but middle class who pay taxes in the countries where they live.
The use of the “exile” is fitting for those who are afraid to cross the US border again.
The end of the article reads:
“Unfortunately, many innocent Americans also fallen into the net with no fault of their own. Unwilling to destroy their future retirement funds, they have opted to renounce citizenship instead. This has been corroborated by experts who say that most of the people prosecuted by new tax laws are not wealthy and pay tax in the country where they live. They were not trying to evade the US tax system either.”