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.
L’Orient-Le Jour Mentions ADCS lawsuit.
How safe is the data the goes to the IRS? IRS IT employee copied data home computer and says he wasn’t even aware of the breach in security.
http://www.washingtontimes.com/news/2014/nov/2/irs-employee-not-guilty-of-inadvertent-disclosures/#ixzz3I2XLQShY
Raoul Weil acquitted. Robert Wood pontificates.
http://www.forbes.com/sites/robertwood/2014/11/03/top-ubs-banker-not-guilty-of-tax-evasion-big-blow-to-offshore-crackdown/
@ Kathy The IRS has had issues with identity theft and the problem is increasing. Not very reassuring for all the expats whose data will be collected. Another reason to fight FATCA.
multiply the risk through IRS negligence by 1000 to account for willful acts by bank employees
who could sell or give sensitive FATCA information
No place to comment, but you can email him. This Canadian compliance condor is loose on facts, focussing more on pushing hapless Canadians into easy peasy Streamlined.
…”FATCA also requires foreign financial institutions to report information regarding their U.S. citizen client directly to the IRS. Foreign financial institutions that fail to comply face a 30% US tax penalty on their own total investment earnings from all of their own U.S. holdings. Foreign Financial institutions and foreign governments are uneasy about providing information about their clients and citizens and fear FATCA could hurt cross border trade. As a result, many, including Canada, have made their concerns known to the U.S. government. Still, as Canadian banks have subsidiaries and huge investments in the U.S. they are following through and making the required disclosures to the IRS. Some Canadian financial institutions even have new policies where they are not taking on any new clients that are U.S. citizens because they don’t want to deal with the U.S. flexing its muscle in Canada—where it really has no jurisdiction.”…
…”In order to encourage compliance, particularly for the majority of U.S. citizens who may not have realized they had to disclose investment assets, the IRS announced a new amnesty program. Since September 1,2012, U.S. citizens living in Canada can file delinquent U.S. income tax returns and foreign reporting forms without being assessed penalties. To qualify for the program, you must have resided outside the U.S. since January 2009; not previously filed a U.S. tax return for the 2009 tax year or later; the tax balance on each U.S. income tax return filed under the program cannot exceed US$1,500; and you must have low compliance risk. If you qualify, you will have to file delinquent U.S. income tax returns for the past three years and delinquent FBAR forms for the past six years, as well as payment for income tax owning and related interest charges. A completed questionnaire must be submitted with the tax returns and forms.”…
Canada: Face The FATCA: US Citizen Living Abroad? The IRS Wants You To File
http://www.mondaq.com/article.asp?articleid=351514&email_access=on
I am not a fan of Jack Townsend and am generally critical of his POV, particularly his “willful blindness” to the gross injustices levied upon expats.
Having said that, I was surprised to find his recent post (The Honorable Jed Rakoff on Why Innocent People Plead Guilty) about the negative impact of plea bargaining which is something I view as being a one-sided affair between the all powerful state and its scared shitless citizens.
Its a good post and well worth the quick read:
http://federaltaxcrimes.blogspot.com/2014/11/the-honorable-jed-rakoff-on-why.html
Another of DOJ case’s bites the dust, and it’s not Weil’s:
http://taxconnections.com/taxblog/banker-charged-with-offshore-tax-evasion-acquitted-at-trial/
Remember in Apr to ring up the IRS and ask about how your foreign mutual funds will be taxed? Is your ISA or TFSA taxable? You have a foreign timed lock interest bearing account. Do the OID rules apply?
http://www.forbes.com/sites/ashleaebeling/2014/11/04/irs-commissioner-predicts-miserable-2015-tax-filing-season/
They won’t know the answer. They will transfer you about. Funny how they will know the answer in OVDP though.
@ Neill
Indeed they will “transfer you about”. I had a much simpler question years back and was passed along to several different stations until I ended up talking to a rather nice fellow in a warehouse where they keep the forms. (He was the most empathetic of all but couldn’t do anything to help, obviously.) That’s when I gave up and hung up.
It’s not a media article but you can add posts to it:
http://interact.stltoday.com/forums/viewtopic.php?f=6&t=1073466
That’s a great post, Tom. Do let us know if you get a response!
http://www.examiner.com/article/obama-drives-record-10-000-wealthy-u-s-taxpayers-to-renounce-citizenship
@Watcher,
John Gaver has been told multiple times that the name and shame list doesn’t just contain wealthy people. He just choses to ignore it. We even got a couple of people to reply saying they were on the list and not covered. He thought they were mistakes.
Wow. Just about nails it:
http://www.globaltimes.cn/content/890215.shtml
@Neill (and all)
Excellent article; thanks for sharing.
Those of us who are still “US Persons” should forward this Global Times article to their new (or not so new) Republican (or Obama-avoiding-Democrat) “Congress Person” with a question in very large type “So what are YOU going to do to fix this???”
@Neill
WONDERFUL Article. The author hits the nail on the head numerous times.
@Watcher, Neill
Doesn’t a failure to file a form 8854 land you on the name and shame list regardless of your assets? Can’t filing an 8854, regardless of your assets also land you there? Although Mr Gaver wrongly assumes that those on the list are wealthy, he’s got it right that US government policy is driving people to renounce their US citizenship. I also like the fact that he’s working hard to undo some of the propaganda that rich people renouncing are greedy villains, and may actually be assets worth preserving.
“It doesn’t matter whether you see this flight of wealthy Americans as justified cause and effect or as a lack of patriotism. That’s because what you or I think about it isn’t going to change a thing. Our most prolific taxpayers will continue to renounce at the highest rate in history, as long as liberty, opportunity, success, low taxes, and small government remain anathema to our current leadership.”
I personally don’t believe that there are a disproportionate number of wealthy people renouncing US citizenship now, but who knows? The fact that he’s completely ignoring the number of people who aren’t wealthy, or including them in his list of wealthy people doesn’t change the fact that a lot of what he’s saying is true, rich or poor!
@Neill
That’s a great article that deserves more exposure. Even better that it’s written by someone based in the US.
@Bubblebustin,
Graver has written maybe three articles so far making the same mistake. My reading of the original was that it was an Obama bashing piece. I like Obama bashing more than the next guy. I watch about an hour or so of it every day on FOX. I don’t like it though when the facts are wrong or it’s silly. So for example ‘coffee gate’ was stupid.
I guess I don’t like it because I don’t want to be standing up for Obama.
Here’s a new one:
http://economia.icaew.com/news/november-2014/fatca-costs-on-the-rise
@Tom
LOVED your comment there. We should get that brilliant idea (duh) out there to governments that just can’t seem to think outside the box! That is a copy and past-er for sure.
Very nice article:
https://ph.news.yahoo.com/us-anti-tax-evasion-law-fatca-starts-hit-020024843.html
>Official estimates say FATCA will uncover enough hidden assets and income to generate some $8 billion
>in additional tax payments to the US government over 10 years.
>Richard Harvey, a tax law professor at Villanova University who helped craft the FATCA rules, estimates
>the take could be “more like $20 to $30 billion”.
Maybe we should drop Richard a note or two explaining how we don’t like having to fill in all these forms.
@ Neill – Great article. No comments yet so, Brockers, go forth and have a field day providing all kinds of facts like the “name and shame” list does not nearly match what we know of renunciations and does not include green-card hand-backs; we can talk about ADCS and the UN submission, and how this is going to cost the world 10-20 times as much as the US might gain from FATCA, and how the Republicans have on their to-do list the repeal of FATCA. Have fun!
Same article hit the daily mail. Comments not allowed though.
http://www.dailymail.co.uk/wires/afp/article-2824688/US-anti-tax-evasion-law-FATCA-starts-hit-home.html