US regulators sue RBC. “You’re constantly doing things that in hindsight someone can come along and conclude differently,” says one bank analyst.
Author Archives: bubblebustin
FATCA freight train- It's taken two years but it seems its whistle is finally being heard.
Has anyone else noticed the uptick on the number of articles relating to FATCA from those in the finance industry? In his weekly bulletin “Mountain Vision”, Frank R Suess, with help from Bernarda Pesantez, does a great job explaining to his “mountaineers” the painful truth about FATCA. Don’t miss the news briefs at the end.
http://www.mountainvision.com/newsletter.php?view=a8baa56554
The real probability of a FrankenFATCA
Author implies that the US has a method to their madness in the implementation of FATCA:
To have been a fly on the wall during these conferences yesterday and today
PEQ and the Associationn of Foreign Banks in Switzerland hold FATCA Conference 2012
Canada's official opposition party takes a stand on FATCA and issues that affect dual nationals
I posted this on another thread, but it’s worth repeating as it is an indication that our concerns are reaching those who are in charge of watching those who are in charge:
NDP Position on the US Foreign Account Tax Compliance Act (FATCA)
Attention In vitro Americans, you may not even be American!
US citizenship is denied to children who cannot prove that either their sperm and egg donors were US citizens.
http://www.usatoday.com/news/world/story/2012-03-19/in-vitro-citizenship
Land of the Fee-The cost of offshore tax compliance (to the IRS)
The Internal Revenue Service is pleased to announce that its highly successful campaign to bring non-resident United States persons into tax compliance has led to an unprecedented number of tax returns entering our processing center. However, due to recent budget cuts to our country’s tax collection service, and our inability to have predicted the current volume of returns, the IRS no longer has the available manpower needed to process US taxpayer’s returns in a timely fashion.
In our effort to maintain a consistent level of service for our customers, the IRS will now charge a processing fee to taxpayers whose tax returns originate in a foreign country. This fee will help defray the cost of the additional manpower needed in processing these returns.
Due to existing law, non-resident US tax persons currently yield little, if any, revenue for the US government. This fee shall remain in place until such time that Congress makes changes to our tax laws that currently allow non-residents to avoid paying into the US tax system.
– Tax Czar
Okay, not true, but doesn’t it seem like a natural progression in the current climate? It wouldn’t be much different from the US government’s decision to charge US citizens a $450 fee to cover the costs of their own renunciations. I am slowly starting to digest the reality of the situation: that if are not of benefit or value to the US, we are a liability by default.
