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.
Can’t be bothered to read this but I assume there are finally treating these accounts with respect (Canadian retirement account).
http://www.irs.gov/pub/irs-drop/rp-14-55.pdf
Will the expat story be included?
http://www.theminorityreportblog.com/2014/10/06/unfair-the-movie-exposing-the-irs/
and
http://www.unfairmovie.com/about/synopsis/
COMMENTS ARE MODERATED:
http://www.wort.lu/en/business/visit-to-luxembourg-us-delegation-calls-for-repeal-of-fatca-5434145ab9b3988708073322
http://www.forbes.com/sites/kellyphillipserb/2014/10/07/guest-post-the-accidental-tax-invasion/
ALSO SCROLL DOWN FOR “JURY OUT ON FATCA”
http://www.politico.com/morningtax/1014/morningtax15582.html
Robert Woods at Forbes (with usual trademark mis-characterization):
“IRS Gives Big Tax Break To Canadians–Hallelujah!”
http://www.forbes.com/sites/robertwood/2014/10/08/irs-gives-big-tax-break-to-canadians-hallelujah/
Laura Saunders WSJ article: Tax Officials Express Doubts About Fatca
on.wsj.com/10QAgen
Ms. Olson [National Taxpayer Advocate] also said that FATCA’s far-reaching provisions and gradual phase-in make it tough to fully grasp “what its consequences are, intended or otherwise.” As quoted by Tax Notes, she said: “I don’t think we’ll know that for years. And by that point we’ll actually be a little too late to go, ‘Oops, my bad, we shouldn’t have done this,’ and then try to unwind it.”
Direct link: http://blogs.wsj.com/totalreturn/2014/10/08/tax-officials-express-doubts-about-fatca/
What is this hyperbole coming from the NTA???
Here’s another:
http://www.rew-online.com/2014/10/08/irs-giving-tax-payers-a-break-on-offshore-account-oopsies/
Ms Olson is right to question FATCA. Will anyone else listen? So much damage is being done already and more is yet to come. Great article. I hope there are more people thinking like “Former Democrat” in the comments.
The WSJ article links to the Tax Analysts article which I was able to open (http://www.taxanalysts.com/www/features.nsf/Features/FD2860D17810639485257D6B0052AC9C?OpenDocument).
The below is from the TA article:
The raw numbers so far tell a confusing tale, Olson said. In 2011, 170,000 taxpayers filed Form 8938, “Statement of Specified Foreign Financial Assets”; 187,000 filed Form 8938 in 2012, she said. Forty-one percent of 2011 filers also filed a foreign bank account report, she added. However, in 2012 only 21 percent of Form 8938 filers had a foreign address, Olson noted.
So many questions. First, I’m struggling to figure out how you could have an 8938 reporting obligation but not an FBAR obligation (given the much higher threshold for 8938 and given 59% of 8938 filers didn’t file an FBAR). I hope there aren’t 110k people out there who thought that 8938 replaced FBAR (59% of 187k who filed 8938 but not FBAR). Second, if they’re getting about 600k (I can’t remember the exact figure) FBARs but only 180k 8938s that suggests that the vast majority (several hundred thousand) of FBAR filers are under the 8938 threshold (ie not remotely “rich”). Finally, please tell me the US congress hasn’t cost the rest of the world 10s of billions to report on 100k homelander accounts (79% of 187k with an address that isn’t “foreign”).
@Edelweiss,
8938 covers more stuff. It covers foreign assets like if you just own stock in a foreign company.
I don’t think this negates the fact that the vast majority of 8938 fillers must also file Fincen 114.
Another website article to post comments to:
http://www.wallstreetandtech.com/compliance/fatca-compliance-still-global-nightmare/a/d-id/1316403?piddl_msgid=265642&piddl_msgposted=yes#msg_265642
http://www.bloomberg.com/news/2014-09-18/ubs-clients-lead-canada-surge-in-admitting-hidden-income.html
Another ‘guest post’ on Forbes.
http://www.forbes.com/sites/kellyphillipserb/2014/10/10/guest-post-giving-up-citizenship-because-of-taxes/
@Polly
That Bloomberg article needs major input from the swat team. This type of article makes my head want to explode.
Good morning, all – –
I know that this may not be the most accurate section of IBS to be posting this to, but it seems this section gets a lot of traffic. And I’m hoping to get some interest and help from you all. I posted this idea in the “Media Tool Kit” section a little while ago but no takers. So, here goes…….
Last weekend I posted an ad about FATCA/SEEKING TO INFORM ALL US PERSONS on the Kijiji ad website in my local area. Then, because I was feeling emboldened, I placed basically the same ad in 9 other Kijiji-accessed cities in Ontario (all in the “Community-Discussions” section of this on-line ad site). Over the past 5-6 days, there have been 100 visits!!!!! That – – maybe – – means that 100 more individuals in Ontario (who are, or who know of, USP) have been informed!!! Given that the “Community-Discussions” section doesn’t have too many ads in it, these ads still are on Page 1 of this section in each community.
Now, Kijiji is supposed to be a “local advertising” website so I have not even tried to post in any other province. In that regard, I am putting out to all of you IBS supporters – – WILL YOU JOIN ME IN SPREADING THE WORD IN YOUR PROVINCE ???
Once one is typed up, one can mostly just cut and past onto a new ad in a different community in your province (if there are more than one – – some provinces such as NB and PEI have just one site for the whole province). I can send you the few jpeg images that I used for these – – a bit of eye-invitation. Alternately, one could just cut and paste using the text from one of my ads which you can see at http://www.kijiji.ca/v-view-details.html?adId=1023435717. When doing the actual posting, one needs to vary the title and text a bit so Kijiji administrators won’t cut the ad out for being too similar/repetitive, but my 10 are still up…… (you also can change the text or title after it is posted.)
I’ll keep watching the comments from this section so if you are interested just let me know. BTW, if there is Kijiji (or similar) in other countries, maybe similar ads could be posted there in cities with bigger USP populations.
@Charl.
It is an old article that we all must have missed back in September.
@WhiteKat
Thanks, didn’t notice that. Now I have my half written tirade and immeasurable BP stuck with no place to purge it. I’m sure I’ll find someplace.
This line almost killed me and what gives governments cover to sign these IGAs:
“The surge in disclosure comes as Canada steps up efforts to match the U.S. regulators’ crackdown on tax cheats who take advantage of bank secrecy laws in tax havens”. So this is how Mr. Harper justifies signing the IGA???? What Canada/the world might be doing is not even related to what the US is doing…..grrrrrrr
There may be a place to comment somewhere on their site. Just putting it here as I think these people have a point — and, of course, it is part of the FATCA problem for big banks over little people. https://www.facebook.com/RepresentDotUs/photos_stream?ref=page_internal
@Calgary411
Their Facebook “about” page describes them and has a link to their web page where you can contact them via email, info@represent.us
About
We are a non-partisan movement to end corruption and demand leaders that represent us, the people. Read our plan at http://www.Represent.Us
Mission
Represent.Us is the campaign to stop corruption.
Description
Represent.Us is a non-partisan movement to end money in politics corruption. We’re rallying behind the American Anti-Corruption Act to reign in congressional corruption and restore a government that represents every American.
The Act was crafted by former Federal Election Commission chairman Trevor Potter in consultation with dozens of strategists, democracy reform leaders and constitutional attorneys from across the political spectrum. Mr. Potter was one of the chief architects of the McCain-Feingold law.
The Act would transform how elections are financed, how lobbyists influence politics, and how political money is disclosed. It is a bold, sweeping proposal that would reshape the rules of American politics, and restore ordinary Americans as the most important stakeholders instead of major donors.
The Anti-Corruption Act’s provisions enjoy support from progressives and conservatives alike. Constitutional attorneys confirm that the provisions are constitutional.
Join us to help stop corruption.
@Charl
It is important to know all that is going on out there which is why I posted this when I discovered it.
Of course- Canadians who have accounts in Switzerland are suspect. Seeing that Canada has resident based taxation, I would suspect that those cases which came forward were hidden accounts to avoid taxes.
I think we need to see FATCA from all sides, otherwise we have no way of convincing anybody that FATCA is not a good thing all over all.
@Calgary411
Isn’t there the danger that FATCA would be viewed as an anti-corruption measure? Unless I’m missing something, didn’t it’s passing have little if nothing to do with special corporate interests (unless you want to include the compliance complex) and more to do with Washington’s idealogues vision of a world free of corruption and tax evasion?
@Polly
Agree! It gave me another little piece into Harper’s mindset and how other governments are justifying joining the game. Another position to argue from as they are two different games.
Bubblebustin,
Of course, that’s what FATCA’s being passed off and sold as. I don’t know — there seem to be big corporate interests and reason for other countries’ banks’ and the compliance industry’s health, *US Persons Abroad* criminalized for their ignorance of US citizenship-based taxation law. Many things that happen in today’s world point to consequences in the name of such things as “anti-corruption” then steeped in such complexity that, in the instance of FATCA, law-abiding, tax-paying persons in their countries of residence find themselves trapped with little voice against what they find happening to them because of the anomaly of US citizenship-based taxation. How much collateral damage is acceptable for an “anti-corruption” measure such as FATCA?