Monthly Archives: October 2014

Switzerland Commits to Automatic Tax Information ExchangeFrom JDSUPRA Business Advisor, Tax Controversy Watch, October 10, 2014: FATCA Notebook: Former IRS Chief, Taxpayer Advocate, Criticize FATCA

Stephen Miller suggests the benefits of the new information reporting regime imposed by FATCA may not outweigh its costs;

and

Nina Olson says re FATCA consequences: “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.”

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Also in the article:

Finally, Switzerland announced on October 8 that it would move toward automatic exchange of bank account information with other countries, including the EU and the United States. (See articles here and here.) If adopted, the earliest date for automatic exchange of data would be 2018 and the new reporting regime would require Switzerland to notify an account holder’s country of origin if a Swiss bank account is opened. Switzerland also announced that it would seek to negotiate a Model 1 Intergovernmental Agreement (IGA) with the United States to implement FATCA, to replace the Swiss-U.S. Model 2 IGA that was reached in February 2013.

With another article commented on by “Worldwide” on the Media thread: Switzerland Commits to Automatic Tax Information Exchange

A “Wake Up Call” for U.S. Tax Policy – Inversions, Planning & Corporate Tax Rates http://t.co/xI9Qg2qY1r guest post by John Richardson

— U.S. Expat Canada (@USExpatCanada) October 9, 2014

Although U.S. tax rates are important and must NOT be uncompetitive, the recent discussion of “inversions” and of Americans abroad “renouncing citizenship”, should prompt a rethinking of how the U.S. tax system should work. Who should be subject to U.S. tax? For what reason? On what kind of income?

This article is a must-read as it draws interesting parallels between the plight of American corporations abroad and American citizens abroad. Commenting gives us an opportunity to bring attention to our situation. You can read and comment here.
Continue reading →

A friend of mine sent me a private message on Facebook:

Hey, if you have an introductory article for us Americans who are clueless about FATCA, let me know and I’ll send it around.

I considered sharing with him Daniel Mitchell’s article:

Is FATCA the Worst Part of the Internal Revenue Code?

However, I wonder what others might recommend to their clueless American friends.  Which article would you recommend for your clueless Canadian or French or Swiss or other friends?

And speaking of Facebook, it would be good to network on social media. Have you considered liking the Isaac Brock Society on Facebook, or requesting friendships with such people like Petros? Then, you can share FATCA/FBAR/Renunciation articles with your social media friends.

From The Desk of John Richardson – Co-Chair ADCS-ADSC.ca http://t.co/mu7V1612yP

— ADCSovereignty (@ADCSovereignty) October 1, 2014

From The Desk of John Richardson – Co-Chair ADCS-ADSC.ca

September 29, 2014

Greetings:

As we reach the end of September it occurs to me that we are reaching the end of the first four months of active fundraising. I thought it would be good for the Directors of ADCS-ADSC.ca to create a blog to communicate with you easily and directly.

We live in exciting times. Our “Stop FATCA” project is certainly exciting. It is also exhausting and full of emotional “ups and downs”.

Our lawsuit started several years ago with an idea. It was an idea based on what “concerned Canadians” could/would do if the Government of Canada:

– Under threat of economic sanction “agreed” to implement FATCA in Canada (the Canada-U.S. FATCA IGA was signed on February 5, 2014); and

– Changed Canadian law (as per the IGA) to implement the U.S. FATCA legislation in Canada (the Government of Canada did this prior to the July 1, 2014 deadline).

Read more here.