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.
How do they dare??!! I like how they say the government “hinted”. If they were completely sure of their position, they’d be doing a lot more than “hinting”
Article from Australia. It sounds like GATCA, yet without naming the compliance regime other than – the deal has been signed by more than 40 countries – endorsed by finance ministers at the G20 meeting in Sydney in February – called a common reporting standard on automatic exchange of information.
A representative of Australian financial institutions “called on the government to make some accounts exempt from the rules, such as trusts used to hold pension or super funds. This would bring it into line with the Foreign Account Tax Compliance Act with the US, it said.” Yet only a few days ago there was an article in Canada with spin that Canada got a concession from the US when negotiating the Canadian IGA, that Canadian FFI would not be required to report pension accounts under FATCA. This new information indicates that pensions may be targeted for financial institution reporting under the new arrangement.
“Complying with the new rules would create significant costs to members, which would then be passed on to customers.” That is compliance beyond FATCA – presumably asking citizenship of all countries and not just US citizenship.
There is also mention of new legislation infront of the Australian Parliament to bring it into place.
“The government has agreed to outline an implementation plan for automatic exchange of information at the finance ministers’ meeting in Cairns in September.”
One may presume that success of ADCS would also derail this new regime.
http://www.smh.com.au/business/banking-and-finance/australian-banks-resist-global-tax-crackdown-20140831-1084b2.html
http://www.smh.com.au/business/banking-and-finance/australian-banks-resist-global-tax-crackdown-20140831-1084b2.html
Is America Trying To Stop Americans From Working Abroad?
https://www.linkedin.com/today/post/article/20140903041231-14545686-is-america-trying-to-stop-americans-from-working-abroad
Yes they are. America need to keep its slaves on the plantation where their lives can be totally under control.
From the article:
“So, it’s no surprise that people are giving up their American citizenship. Or rather, it is a surprise, because making the decision to not be American anymore is a huge deal. I don’t want to stop being American! But, hypothetically, if I can’t get a job in America, and I’m doing well in China, and I can’t afford to pay double tax and can’t open a bank account, what are my options? Or, if I’ve been filing taxes without a problem, and suddenly get a bill for $100,000?”
Just Being Black Was Enough to Get Yourself Spied on by J. Edgar Hoover’s FBI
http://www.thenation.com/article/178029/just-being-black-was-enough-get-yourself-spied-j-edgar-hoovers-fbi
@Eric, thanks for that
Chilling. Instructive to revisit and remember what the US was willing to do to its own citizens at home – using their own tax money.
Banks agonise over US tax evasion ‘guilt’
“A number of dual Swiss/US citizens have also complained at being unnecessarily dragged into the row and have been saddled with competing a time-consuming and expensive paper trail proving that they have never worked – or indeed in some cases never lived – in the US.”
UCCD ….. Unintended Consequences and Collateral Damage of our offshore jihad.
@Just Me:
A contact mentioned the following recently:
1) The “category 2” banks (about 100) have a Sept 15 deadline to show that their USP customers are tax compliant.
2) The US tax practitioners in this country do not have sufficient capacity to deal with the many new USP clients that have appeared in the past eight months (and continue to pop up) to meet this Sept 15 deadline.
3) Because the DOJ deadline cannot be extended, many banks will pay fines simply because of the lack of capacity to complete US tax returns.
4) Banks have threatened to sue their USP customers for any fines that they pay if they do not prove US tax compliance by Sept 15.
5) If the DOJ’s goal is to extract as much as possible in fines from these banks, the lack of US tax practice capacity will help the DOJ reach its goal.
FINALLY A RESPONSE TO MARILYN FROM PRES. OBAMA!!! 😉
(Actually written by Andy Sirkis)
http://www.lewrockwell.com/2014/09/andy-sirkis/american-tax-victims-overseas/
@EmBee The letter describes a horrible situation yet still does not cover the whole story: taxation of retirement accounts, 3.8% NIIT Obamacare tax, sale of home, death tax, restrictions on career and business by account signature reporting requirements.
FATCA: Trapped by the Land of the Free?
http://www.jdsupra.com/legalnews/fatca-trapped-by-the-land-of-the-free-43999/?utm_source=jds&utm_medium=twitter&utm_campaign=international
Great find EmBee. The article from Lew Rockwell’s blog by Andy Sirkis is right on the money especially about non-US mutual funds. That PFIC stuff is scary. It must have been created to protect Wall Street managed funds from foreign competition.
This is interesting. Indian mutual funds (I don’t know what AMC’s are mind you) are kicking out both US and Canadian citizens because of FATCA. I guess this is because Canada is like ‘America Jnr.’ or something :-).
http://www.financialexpress.com/news/amcs-stop-accepting-money-from-us-investors-as-tough-law-bites/1285737
Neill, Thanks for the link.
I had to look up what “AMC” means, the great “financial person” I am …
http://www.investopedia.com/terms/a/asset_management_company.asp
Definition of ‘Asset Management Company – AMC’
A company that invests its clients’ pooled fund into securities that match its declared financial objectives. Asset management companies provide investors with more diversification and investing options than they would have by themselves.
*************
Related: http://www.cafemutual.com/News/Fund-houses-start-due-diligence-of-foreign-investors~3321~New~Industry~21
Okay, I’ll try this again.
@ JC
Yeah, but you gotta admit it hit a lot of the right buttons and it was IMHO pretty well done. Andy Sirkis writes from personal experience so that’s a plus too.
That’s an excellent article in Legal News. I noticed Kardell and Ifrah called Ginny and Gwen Canadian-Americans, not American Expats or Americans habitually residing in Canada. Good find!
I ask the investors at work. An AMC is a mutual fund company in India.
I don’t understand the barring of Canadians.
Time to comment if you have a yahoo and tell this guy that you have to worry if your a normal person as well:
>The only reason to be worried about FATCA is if you’re hiding money outside the country to avoid taxes.
http://finance.yahoo.com/mbview/threadview/?&bn=0243242e-59fb-3abc-8d27-962c7bf26a1d&tid=1409860742216-61c991a4-faae-4883-91e3-fd9a79f80ce6&tls=la%2Cd%2C3%2C3
What I said on yahoo:
FATCA can cause you hell if you have never set foot in the US. You parents were American. Then the IRS will want to submit tax returns all your life.
You might have been born in the US while your parents were on vacation. You may have left when 2 months old but that doesn’t stop the IRS wanting you to file and pay taxes all your life.
You might have worked in the US ages ago and your green card has expired. That doesn’t stop the IRS requiring you to file taxes with the US even if you aren’t legally allowed to enter the country!
You might be working in the US with no idea that that mutual fund you own in France has a special law for it that covers all foreign mutual funds. The sec 1291 tax or PFIC tax is meant to punish you for having this investment. It will take away all your gains and maybe some of your principle. It doesn’t matter if your hiding the money or not.
If your a US person then foreign companies will just close your accounts even if you need them to live in a foreign country because the IRS as such a pain in the rear that nobody wants to deal with them.
Your wife my be a US person and pollute you with all these problems.
Even if you have nothing to do with the US the cost of complying with the IRS means the foreign company will up it’s fees to you.
Other than that FATCA is just lovely and just wants to give you a nice hug.
Where to start? Yahoo Finance also carried this AP story that garnered over 10,000 comments, many of the “homelander – don’t let the door hit you in the ass” sentiment, but some who actually read and comprehended the AP Adam Geller article: http://finance.yahoo.com/news/more-renounce-us-citizenship-deny-stereotype-162509477.html
@calgary411,
You have a theory on why they are kicking out Canadians (AMCs)? Too much risk they are US persons? Proportionally maybe a UK citizen is more likely to be a US person than a Canadian is. Maybe it’s just more income reported by US persons in the UK than Canada.
Neill,
No, I don’t have a theory on that at all – unless it would be because the world generally *knows* Canada (especially with the Conservative government) is the same as a 51st US state (http://en.wikipedia.org/wiki/51st_state)?
In the UK we think that we are often the 51st state.
I think the Canadian barring is important. If FATCA starts affecting more than US persons then it going to start upsetting other countries. Nobody cares about US expats or US immigrants (even less so unless they are illegal). If it’s affecting everyone in your country then it must affect the classes you like. Not good. Luckily for Obama FATCA probably won’t affect those that don’t work and/or live off food stamps. Might be a problem if democratic donors have problems.
Canadian barring (not just *US*) is an important point that you have highlighted from the article, Neill. Thanks for doing that!!
Lol, Neill. FATCA hugs like a boa constrictor:
http://isaacbrocksociety.ca/2014/01/23/republican-party-to-vote-for-repeal-of-u-s-anti-tax-dodging-law/comment-page-2/#comment-1027627
@Neill
If it’s true that AMC’s in Indai aren’t accepting Canadians because of FATCA, that’s something we can take to our MP’s. I tried to find a contact for the author, but had no luck. A google search of other articles relating to same turned nothing up either.
@Neill
You can reach the author through LinkedIn here:
https://www.linkedin.com/profile/view?id=131712157&authType=NAME_SEARCH&authToken=V0Yi&locale=en_US&trk=tyah&trkInfo=tarId%3A1409889567913%2Ctas%3AAshley%20Coutinho%2Cidx%3A1-1-1&_mSplash=1
@Neil The hug part was good. You might put in your boilerplate encouragement to visit the message boards at The Isaac Brock Society, with link.