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.
p.s. I was particularly agog at one person who contributed the thought that ridding oneself of US citizenship is a trivial task, He explains that all a person needs to do is “simply to enter any US Embassy in a foreign country and drop off his passport with the declaration that he is renouncing citizenship.“
Great photo with this article in The Guardian
http://www.theguardian.com/money/2014/sep/24/americans-chased-by-irs-give-up-citizenship-after-being-forced-out-of-bank-accounts
It’s a sad fact of life that this guy will get more sympathy ad press coverage than any immigrant or American abroad is going to get:
http://money.cnn.com/2014/09/24/news/the-situation-sorrentino-tax-fraud/
You might comment on the Guardian article. You might also recommend the posts you like thereby increasing the number of likes that show beside them.
Keith REDMOND @kred65 7h
IRS Warns Financial Institutions of Scams Designed to Steal #FATCA -Related Account Data
http://www.irs.gov/uac/Newsroom/IRS-Warns-Financial-Institutions-of-Scams-Designed-to-Steal-FATCA-Related-Account-Data#.VCLmvKKNQjY.twitter
Does nobody read the comments here? I put up the IRS and guardian story at 10am this morning.
@Neil It could be more obvious, this section. I was asking for such a section then someone pointed it out to me.
Re the Guardian article. It is another good article on those renouncing and why — there have been so many such articles now. It has the same people not getting it. There is such a gap between our reality and that of the homelander’s perception of our “whining”. Comments get lost; commenters with the facts aren’t listened to and half of the ‘FATCAT pay your damn US taxes’ commenters don’t even read or at least don’t comprehend the article.
I wish there were in-depth articles on why and how our own countries, outside exceptional USA, have bought into the whole FATCA IGA scenario and some outrage at how that overreach was allowed into our countries, reciprocity swallowed hook, line and sinker. I don’t speak “homelander” and most homelanders don’t speak *US Persons Abroad*. I have renounced; my fight is in Canada with my government representatives, determining where my votes for future government candidates will go and how Canada can remain a sovereign country — and hope to help make Canadians aware of that importance. My fight is for the families and the individuals without a voice or a way out of this absurdity.
http://www.adcs-adsc.ca/
@Calgary411
The problem is that the lack of reciprocity hasn’t happened yet. I think part of the attraction is that the U.S. has set a precedent that other countries can follow. So, the U.S. pushes Britain around and then Britain pushes the Guernsey around. In some countries, lots has been stowed offshore (see what Tettyblabla says about her mum from the Guardian comments) and those countries hope to gain lots from the end of bank secrecy. Some countries have also been using FATCA to grab power, telling their citizens that the U.S. government is requiring them to collect lots of information that are not required by the act. Clever move since it deflects all criticism away from the government and to the U.S.
@Publius
I have wondered what might happen to my data as it passes from HMRC to the IRS. My bank has asked for US SSN, UK NINO, address and date of birth. With this information HMRC computers could, in principle, figure out that I have accounts with UK banks have not yet detected that I am a US person. Since I am not trying to hide anything this is not a practical problem, but it is potentially spooky. A bank I signed up with recently has told me that they will be sending to HMRC these things: name of account holder, address of account holder, US TIN, account number, account balance or value as of the end of the year.
This article was mentioned by someone else here on Brock before, but I am posting it again, because it needs more comments from us. I am the only Brocker (not sure if the other commenter is a Brocker or not) who has commented to refute their claim in this article that FATCA is “here and here to stay”. We need more swat team on this one folks!
http://www.iexpats.com/foreign-account-tax-compliance-act-whats-wrong-america/#comment-1603080944
Public consultation on FATCA in Singapore:
http://www.channelnewsasia.com/news/singapore/public-consultation/1374494.html
It didn’t work in any other country so expect the same here.
@GwEvil either my comment was removed or still in moderation.
I didn’t realize I am now a UK Person. There is a UK FATCA:
http://www.hedgeweek.com/2014/09/26/210538/fatca-whats-everyone-else-doing
My worry that eventually I have to renounce my UK citizenship gets closer.
Very nice article covering inversions but talks about the real problem. CBT on corporations and individuals:
http://time.com/3430921/obama-tax-inversion/
Neill, are you afraid US banks will close your accounts because of the UK FATCA?
I doubt this will going to happen, especially if you update your records with them once you get your US citizenship. Besides, the UK has RBT, why would you be impacted while living in the US?
I think that’s another good reason to get US citizenship if you live here and play to stay for a long time.
@noone,
Clearly RBT might make this painless. I worry about a few things.
1) Regulatory costs. Many banks are ditching Americans because of the worry they get something wrong and get creamed in court. Or the costs of servicing this crap. The UK version could have this problem.
2) My account details go to HMRC and they wake up and say ‘hell we should tax this money our guys have overseas’.
3) All the same data stealing problems.
Anyone who knows anything about UK FATCA can you please give some details. I will try and search later.
Thank you, Andrés Martinez, in Time’s “Ideas”. What a concept! (And, thanks, Neill for the link.)
Wish there was commenting open on this one.
@Neill, if your bank has on file your new US nationality, I doubt you have anything to worry about.
US banks ditch US citizens with an overseas address. I doubt they would start closing accounts of US residents.
I would be more worried about 2) 🙂
Again, I don’t think your data would be transmitted by US authorities.
Does the UK has the equivalent of FBAR? I know France does for example. If it does, you might already have given them some info, since you mentioned you’re wealthy, and you might already have to do a UK tax return for investments or income you might still have there.
I think it might take some time, but ultimately, I think that the way it will go, if that the US and UK FATCA will go away, and be replaced by the OECD platform.
We’ll see…
Video from RNC and Republicans Overseas explaining FATCA, why it needs to go, and what you can do http://youtu.be/zUism7KaqQ8
Interesting conversation about somebody who the IRS jackpotted.
https://news.ycombinator.com/item?id=8368800
@no one,
I am not a US national. I am a US person via green card and trapped by holding it too long. I am in the N400 processing to be a citizen.
I think this stuff has the potential to spread like cancer.
UK FATCA is limited to crown dependencies and territories it seems. So I think I already knew about this.
I can stop panicking now.
@ Mark Twain
I was happy to view the RO video but the volume was sure low. It seemed a little “dry” compared the ACA video about RBT.