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.
Leaked documents show Canada ‘intended’ departure from FATCA agreement with U.S.
http://business.financialpost.com/2014/03/26/leaked-documents-show-canada-intended-departure-from-fatca-agreement-with-u-s/
The article makes it look like Roy Berg supports tightening the IGA agreement so Canadians with US indicia can be squeezed even harder. Hmmm. So what’s up with that Roy?
“Leaked documents suggest that the federal government and the Canada Revenue Agency have deliberately undermined an intergovernmental agreement with the U.S. aimed at catching American tax evaders living in Canada.
Earlier this week, the Isaac Brock Society leaked the CRA’s Guidance Notes to the draft legislation implementing the IGA, which is aimed at relieving Canadian financial institutions from onerous obligations under the U.S. Foreign Account Tax Compliance Act.
According to Roy Berg, Director, U.S. Tax Law at Calgary’s Moodys Gartner Tax Law, the Guidance Notes reveal that Finance and CRA “intended to drastically depart” from key definitions found in the IGA and FATCA, and that CRA’s interpretation of the draft legislation is “significantly different” from OECD guidance on the same subject.
“CRA appears to be playing cute with the IGA and FATCA,” Berg says.”
Perhaps this article explains the rationale behind Roy’s comments in the article above:
FP: Canada’s draft legislation undermines FATCA agreement with U.S.
http://business.financialpost.com/2014/03/10/canadas-draft-legislation-undermines-fatca-agreement-with-u-s/
“This would force Canadian institutions to face the dilemma of complying with Canadian law and suffering the consequences under FATCA, or complying with FATCA and suffering the consequences under Canadian law,” Mr. Berg says.”
Waiting to hear from Roy…………..
Swiss Account Holders – Losing the Right to be Informed About IRS Disclosure
http://blogs.angloinfo.com/us-tax/2014/03/24/swiss-account-holders-now-losing-the-right-to-be-informed-about-disclosures-to-irs/
Can we add the two Squamish Chief Letters here too:
The truth (written by a Brocker perhaps?): http://www.squamishchief.com/article/20140320/SQUAMISH0303/303209976/-1/SQUAMISH/the-fatca-of-the-matter
The coverup (written by a Banker perhaps?): http://www.squamishchief.com/article/20140327/SQUAMISH0303/303279983/-1/squamish/the-facts-about-fatca
Why do we have FATCA? Say no more…
http://m.cnsnews.com/mrctv-blog/matt-vespa/college-students-fail-name-single-us-senator
I reckon the Squamish Chief is getting a real chuckle out of this. I would imagine with his first post he had no idea of what would be unleashed. I think the posts today should all be copied into a file and saved for prosperity, just incase a civil suit against the government comes down the pike there it is, just needs copy-n-pasting. I don’t think much was left uncovered.
UPDATED: CRA may ignore FATCA trust rules
@calgary411
LOL, “file not found”.
Times of Israel: Taxed into renouncing their US citizenship?
http://www.timesofisrael.com/taxed-into-renouncing-their-us-citizenship/
bubblebustin,
The DRAFT copy that we have was proactively found on the Credit Union Central of Canada site (good detective work, WK) and then saved as a document in anticipation of the eventuality it might disappear (which we have seen happen before). Our copy does not link to the CUCC site. Must have been an interesting whatever amount of time before someone had to remove the link to the DRAFT on the CUCC site.
Top 5 US expat tax updates for Americans living abroad (to ignore, if you so choose):
http://taxconnections.com/taxblog/top-5-2013-us-expat-tax-updates-for-americans-living-abroad/#.UzTQgye9KSP
A commenting opportunity courtesy of Calgary411. Apparently most of the people renouncing US citizenship are well to do.
http://crimeinthesuites.com/as-the-foreign-accounts-tax-compliance-act-takes-hold-u-s-sees-expatriates-at-all-time-high/
WMA: US could make examples of UK firms as Fatca looms
The Wealth Management Association (WMA) has warned UK firms could be made an example of by the US government under the Foreign Accounting and Tax Compliance Act (Fatca), in the same way Swiss banks have been in recent years.
‘It’s a sledgehammer to try and hit small problems. Yet the fact is that at some stage, I am sure like the Swiss clients, the US government will try and find someone to make an example of quickly,’ Dr Tim May, chief executive officer, explained at WMA event.
Compliance Condor, Brian Mahaney, just flew over the Squamish Chief to drop bouquets on Mr. Cavanagh’s “well written letter” and bricks on non-compliant Canadian citizens/residents. He appears to be offering to save all those who can cough up the cash to pay him. His advice/warning is to not close or transfer accounts because that would “trigger enhanced scrutiny”. I say it’s your money so if you want to put it in a credit union do it. Also contacting a compliance condor could be hazardous to your health and a wallop to your wallet.
http://www.squamishchief.com/article/20140327/SQUAMISH0303/303279983/-1/squamish0303/the-facts-about-fatca
@Em
Your comment hasn’t turned up yet. They probably didn’t like the name you called him.
This Globe and Mail article is open to comments and it mentions that FATCA is in the budget bill.
http://www.theglobeandmail.com/news/politics/conservatives-table-wide-ranging-omnibus-budget-bill/article17719911/
@ bubblebustin
I didn’t make that comment there. I thought the three who did respond to B.M. were doing quite well — as well as possible when you are up against someone who makes a living on the carrion of US CBT and is about to get a big fat FATCA snack to boot.
“His advice/warning is to not close or transfer accounts because that would “trigger enhanced scrutiny”. ”
I have absolutely had it with these vested interest jackals who are going to make a boat load of money. He is not a condor, he is not a vulture, he is a jackal.
Where the hell is “enhanced scrutiny” in the IGA or model agreement? Yes, he has just jumped the shark.
Not defending Harper at all, but that draft confidential guidance paper did attempt to make a purse out of a sows ear.
No this jackal is scarring people not to use there God given right to decide whom they wish to bank and do business with?
I learned long ago in business, life and politics that when one side “jumped the shark” it was all over.
Canada is NOT a tax haven so it is absolutely ludicrous to be doing this kabuki dance. Ditto for Sweden, Norway, the UK, and most of the planet.
Even law breaking homelanders do not open secret bank accounts in Canada, Sweden, Finland…on and on……
Let the charter challenge begin.
Let the first Canadian fall prey to the US IRS, we dare them. The media will tear the politicians apart who made this happen.
Many of us relinquished our US clinging citizenships and to keep it on our shoulders by force is something out of feudalism.
Bring it on!!! Former homelanders are a pretty honery bunch with lots of backbone, we had the guts to leave.
UAE, The National: “Uncle Sam’s demands on tax go far and wide”
http://www.thenational.ae/business/personal-finance/uncle-sams-demands-on-tax-go-far-and-wide
“Many people from this part of the world would jump at the chance of becoming American passport holders. But some people can’t get rid of their green cards or associated travel documents fast enough.”
“FATCA is changing the way banks do business and function. As a result, and in order to get their house in order, there are banks in the UAE that are happy not to grow their business at the moment, concentrating instead on this mega compliance with American dictate.”
“The United States is the only industrialised country that taxes nationals who live overseas, even if their income is generated outside of the US, and they never return to America. It is increasingly burdening its citizens with an ever more complex and costly tax regimen, with scant regard for whether other nation’s laws would be broken if information required by the IRS is handed over.”
“I know of banks that are avoiding taking on clients with American passports or green cards, and who can blame them?”
I checked back at the Squamish Chief and now the Cavanagh letter has zero comments. There were 61 before. I posted a comment to ask where they went.
http://www.squamishchief.com/opinion/letters/the-facts-about-fatca-1.932064
However, the Herman letter still has 54 comments as before.
http://www.squamishchief.com/opinion/letters/the-fatca-of-the-matter-1.933164
This could just be that the Squamish Chief has done a make-over on itself and things are a bit wonky there. It’s a bit curious though.
Those Brockers who posted comments to the Cavanagh letter at the Squamish Chief will have to repost them because they are no longer there. As of today the glitch has not been fixed. Deb had a great one and so did others. It would be a shame to have it appear that Cavanagh went unchallenged.
@ Deb
I saved your entire comment if you didn’t.
I saved James Jatras comment. Should I repost his?
I have an idea. Why don’t we compile a response to Mr Cavanagh in the form of a letter to the editor from the Isaac Brock Society? After all, Brock was referred to in the original letter to the editor.
@ Charl
Yes please do. I hope others will do the same. I reposted mine using this at the beginning:
REPOSTING COMMENT made 3/27/14 which appears to have disappeared along with 60 others due to some sort of glitch:
@ bubblebustin
Good idea.
@Em, Have you tried contacting SquamishChief to see what’s up? It would be a shame to lose all of that dialogue!
@Bubblebustin,
Regardless whether or not the comments reappear, you have a good idea!