Liberty and justice for all United States persons abroad

The Isaac Brock Society

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.

26 May 2015:  This thread is now closed.  It continues at Media and Blog Articles Open for Comment, Part 2 of 2.

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.

Articles from earlier in 2015 are at this link

Articles from 2014 are at this link

Media and Blog Articles Open for Comment, Part 2, is at this link

Media and Blog Articles Open for Comment, Part 3, is at this link

3,971 thoughts on “Media and Blog Articles – Part 1 of 11 (to 26 May 2015)”

  5. Thanks, Tom Alciere. From that:

    Now that the IGA has been signed, FATCA is as much Hong Kong law as it is American. This means that on top of the U.S. 30 percent withholding tax, these institutions are subject to further penalties from the Hong Kong authorities. The costs do not stop there. Hong Kong banks are now scrambling to find any trace of American presence in their accounts and are having to make significant process and technological changes.

    One major Hong Kong bank revealed to DSA that the costs of locating, monitoring and reporting on a U.S. held or controlled account costs at least US$ 7000 a month. Our source indicated that once the costs and benefits of serving the client have been weighed up, only accounts containing some US$ three million are worth the bank’s time. In short, it is often easier and more cost efficient for Hong Kong institutions to simply shut down the accounts of, or reject applications from, American clients, rather than shouldering the costs of complying with FATCA or the penalties for not doing so.

  6. Double taxation. The Canadian government in its reply to the ADCS said that the tax treaty eliminated double taxation. It certainly does not on certain tax deferred accounts such as education, retirment (if you did not apply for exemption), and disability. Plus the US Treasury definition of “”double taxation”is very narrow on each little tax with no credits for other taxes. And the US may make up their own taxes that Canada does not have and these flow straight on top. The definition we here should be pursuing is a very broad definition such as you pay all your tax to Canada on Canadian source income and investments then there is no more tax to pay. No double taxation. But wait there is more tax to pay.

    Here is a video talking about using corporate structures for financial planning and double taxation:

  7. RE: this City AM article from December 10th
    http://www.cityam.com/1418246339/support-boris-johnson-us-s-imperialistic-foreign-tax-law-helps-no-one

    The comment moderator there has a severe case of narcolepsy. I posted a comment 3 days ago — NO SHOW. I tried again (same comment) 2 days ago — NO SHOW. TODAY my comment finally appeared — TWICE (with back-dated time stamps). Sorry, City AM, that sort of delay is not going to encourage anyone to play in your comment section.

    Nevertheless, I always appreciate Nigel Green’s articles. He’s been very supportive of our perspective.

  8. Huffington Post, Contributing Editor at CEO.ca, Shannon M. Nelson

    As a Canadian living in the United States (legally — I’m a permanent resident), Americans routinely ask me when I’m going to become a U.S. citizen. “I can’t wait to throw a party for you when you become an American,” gushed one California friend on the golf course the other day.

    In fact, all my U.S. friends automatically assume that once the most precious gift of American citizenship is available to me, I’ll jump all over it. It’s always interesting to watch their reactions when I tell them “no thank you.”

    …

    I don’t have a problem with paying taxes. But I only want to file one tax return a year, because as it is, I need an accountant to prepare it. And I certainly don’t want to risk being tapped on the shoulder by the IRS sometime in the future, when I no longer live in the USA.

    So no, I’m not interested in becoming an American citizen, even if my American pals are incredulous at this statement. It just doesn’t make any sense for me.

    The most important thing for Shannon to remember: IRS Form I-407 on your way back to Canada!!!

    No comments yet showing — Facebook required to comment.

  9. Robert Wood appeared on ‘Lou Dobbs Tonight’ tonight. Many here have claimed he really isn’t sympathetic to those with foreign accounts. He was interviewed in connection with the targeting scandal. I think in response to this:

    http://www.forbes.com/sites/robertwood/2014/12/17/20-facts-about-irs-targeting-emails-and-the-white-house/

    You can likely find the interview on line. I haven’t looked.
    He stated clearly that he is ‘A fan of the IRS’ and that they are put in a difficult position by congress. I don’t share that opinion because we know from the OVDP dump that they planned to go after people with complex hard to know tax details.

  10. Letter from
    Michael DeSombre
    Worldwide President
    Republicans Overseas

    This is a quote from the just released December 2014 Report on “Comprehensive Tax Reform for 2015 and Beyond”, published by the Republicans Staff of the Senate Finance Committee:

    “If a U.S. citizen is living and working abroad with some permanence, and the primary nexus the individual has to the United States is citizenship, we think it makes sense to tax the individual, as a general rule, only on income from U.S. sources”

    http://us3.campaign-archive1.com/?u=6abb65ad85e4871518cc4e6ad&id=d46db39f39

  11. Democrats Abroad

    DECEMBER 2014 UPDATE: FATCA FAQS UPDATED AND CITIZENSHIP RENUNCIATION RESEARCH

    https://www.democratsabroad.org/group/fbarfatca/december-2014-update-fatca-faqs-updated-and-citizenship-renunciation-research

    I don’t know how much updated this is. It says to take advantage of their FATCA “safe harbour exemption” says one must be compliant. Wrong answer for accidentals. They say they support RBT but give up because of lack of support. Onward ADCS legal action.

  12. @JC
    I just heard of a SWISS CITIZEN – a young guy- who did 3 months of a trainee program in NYC. He went back to Switzerland and now he cannot get a bank account.
    FATCA is RIDICULOUS.
    All of this is nonsense. When are we going to see people in congress who use their head and common sense?

  13. @JC

    “Democrats Abroad supports the establishment of an exemption from FATCA reporting for law-abiding Americans living outside the United States.”

    In other words, leaves the majority of USC’s abroad unprotected. Again, DA does not represent Americans abroad as a whole. They only represent non-residents who vote Democrat and are tax compliant.

  14. The DA update just made my blood boil. They are so sure they can’t get meaningful change that they will just settle for maybe, somehow, saving some overseas bank accounts from closure. Like THAT’S the only problem for “overseas” Americans — NOT! The Americans Abroad Safe Harbor Exemption doesn’t sound very safe to me when that harbour is still completely clogged with CBT sea mines. RBT with total amnesty is the ONLY harbour that would be safe as far as I’m concerned.

    Update this DA: I am NOT an American. I am NOT abroad because I am in MY homeland. I’m apparently not even on your radar. Get real and start advocating for meaningful change — RBT.

  16. @Neill

    That’s great news. When it’s published, do you mind posting it on this other tread also for easy reference?

    http://isaacbrocksociety.ca/brockers-making-news/

    They’re really hot to trot to tell our stories at WSJ Expat, aren’t they? Maybe some of the journalists we’ve been talking to there were listening when we said we needed a voice in the media. They need our support in return. I don’t believe that the WSJ Expat has been advertised on Brock. Would one of our moderators mind making a new post of it?

    http://blogs.wsj.com/expat/

    You can follow them on Twitter and friend them on Facebook too.

  17. See John Richardson’s comment #6. Go John Go!

    http://blogs.wsj.com/expat/2014/12/16/opinion-senate-proposal-could-aid-marginalized-u-s-expats/tab/comments/

    I sent Badger’s recent epic comment to WSJExpat and got an e-mail back asking who is Badger. I replied a member of the Isaac Brock Society Community and told them how to contact Badger here @Badger.
    http://isaacbrocksociety.ca/2014/12/09/from-amanda-klekowski-von-koppenfels-regarding-her-new-survey-in-depth-responses-can-be-provided-by-isaac-brock-society-readers-commenters/comment-page-2/#comment-4795155

  19. @Neill

    Smokescreen…. like they care… they have shown they are full of it…. ohh… vote for us… we will fix everything… we make it work as long as u can vote for us & all up to date with your tax filings… here is the list of people u can give every dime to so they will help u

  20. IRS chief says the tax system is ‘beyond the pale of making any sense’. This bit is interesting:

    >Koskinen has a law degree from Yale University, studied in Cambridge, England, was CEO of a
    > management consulting business and has headed the IRS for the past year.

    I wonder how he would make out now with no bank account?

    http://www.omaha.com/money/irs-chief-supports-simplifying-tax-system-says-it-s-beyond/article_588d5965-43cc-55d3-88f0-43516736bdec.html

  22. Thanks for this link, Neill. I think I’ll make it a post. We’ve had at least one other US Tax Commissioner say that he would not attempt preparing his own tax returns.

  23. @Neil Do you feel like I am stalking you? i’ve been right behind you on every post! You’ve got to stop…I must do laundry…..

  25. @Neil I seem to have developed a triple split personality disorder somehow, all inadvertent. You may have met up with Laura, the wise crone that is past beyond 60! (I get bored easily).

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