IRS attaches no deadline to amnesty program
Apparently, Mr. McKenna did not see our press release or chose to ignore it. I have pasted most of it with a link in the comments.
Monthly Archives: January 2012
IRS and Shulman have not acted sensibly or in a humane way
I came across this great post – enjoy!
https://twitter.com/#!/renounceus/status/156873340496252928
Taxes, Elizabeth Warren, and the Limiting Principle
The Constitution of the United States, being the supreme law of the land, defines the powers granted by law to the Federal government. Since the objective of the Founders was to create a nation that operates under a limited government, it was important to them to define as precisely as possible not just the powers of the government, but the limitations to those powers. It is the job of the courts to evaluate new laws that apply or expand Congressional authority, and part of that duty is to ensure that there are clear limits to Congressional power, ie, they seek the Limiting Principle. Theoretically.
Sokol says "For Tax Purposes, We are All Americans Now"
This is another great article that gives people a concrete example of what could happen if this nonsense continues. A lot of Europeans I talk to think it’s not really their problem because they are duals or because, even if they did work a few years in the U.S., they argue, “Well what could the U.S. government possibly do to me? I don’t live in the U.S.”
They firmly believe (and I hope from the bottom of my heart that they are right) that their government (France, Germany, U.K. etc.) would stand up for them against the U.S. But are they right to be so confident? Sokol’s article gives a perfectly mundane example of what might happen to a French citizen if the U.S. government decides he or is a U.S. person for tax purposes. And then he follows it to its logical conclusion – the European Court of Justice. Have a read and pass it along to your European friends…
Links and quotes from Just Me
I received this from Just Me:
ML,
First of all I am sure you have already seen the spat of stories about the VDP, so won’t belabor it here.. However, earlier today I found some other interesting comments /stories which are below. I conclude with something I posted at the WSJ.
[Just Me]
More on Services – You Want Compliance? I Want Help.
In a previous post I started talking about services. I fail to understand why some folks back in the home country are so insistent that we “pay our fair share” but they don’t have an answer when I reply, “For what?”
Press Release: Isaac Brock Society
Caution to U.S. Citizens and U.S./Canada dual citizens who are residents of Canada about the IRS announcement (IR-2012-5) January 9, 2012, regarding Offshore Voluntary Disclosure
On January 9, 2012, the IRS announced a renewed Offshore Voluntary Disclosure program. This is an IRS program designed to bring tax cheats into compliance. During the last two disclosure programs in 2009 and 2011, a significant number of unsuspecting Canadian residents entered these programs to “make it right” with IRS. We strongly warn law-abiding Canadian residents of the dangers of entering this program which is intended to attract tax cheats who live in the United States but have undisclosed offshore accounts.
IRS reopens the Offshore Voluntary Disclosure Program and promises new procedures for U.S. citizens living outside the United States
This has been cross posted at the RenounceUScitizenship blog.
I can’t believe it. On January 5, 2012 I wrote a post about OVDI called: The Taxpayer, the IRS and the Cross Border professionals – where to go from here. Six hours ago I finished a lengthy post about OVDI called: Taxpayer Advocate vs. The IRS – It’s a question of trust. I thought I would enter: “OVDI Blog Post Retirement”. My point was that the IRS has a real trust issue. |The “cross-border professionals are not much help either. And then, almost on cue (while I was writing the post) the IRS is at again! To emulate a famous Ronald Reagan quote:
“There he goes again!” Continue reading
Would Americans care if they knew where their taxes were going?
A recurring theme with FATCA is that Americans living in America simply don’t care about the problems the act creates for Americans living abroad. But maybe they should…
IRS New Tax "Amnesty" Program says Commissioner Doug Shulman
http://platform.twitter.com/widgets/hub.1324331373.html
CanadianAtHeart post on the Expat Blog:
Please check the latest report from the IRS regarding the reopening of the OVDI. The memo is also on the IRS website. Not sure what it means that they are putting everyone in this program that came forward after the last one closed. New increased penalties, etc. Please read. IRS Offshore Programs Produce $4.4 Billion To Date for Nation?s Taxpayers; Offshore Voluntary Disclosure Program Reopens