The IRS Taxpayer advocate service came out with its annual report on the IRS and included a large section (very critical of the IRS) on FBARs, the 2009 VD program etc etc. Very scathing report, so hopefully it’ll have some impact
http://www.irs.gov/pub/irs-utl/2011_…tionalmsps.pdf
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
In case any of you would like to join this effort and haven’t come across this …
http://www.signon.org/sign/repeal-fatca?source=c.em.cp&r_by=188650
Repeal FATCA
By Rami Schandall (Contact)
To be delivered to: The United States House of Representatives and President Barack Obama
*for those in the US who don’t understand:
http://www.washingtontimes.com/news/2012/jan/4/tax-haven-wars/
an nonyms Comment:Obviously many Americans with little or no international experience think that any bank account outside the US must be a US person trying to evade taxes.Let me help people like Peterwise understand the situation a bit more.
On behalf of Michelle Rempel, MP, Calgary Centre-North, I would like to acknowledge receipt of your email and thank you for taking the time to share your concerns with her on this important issue. Please be assured that your comments have been carefully reviewed and recorded for the Member’s information. In addition, I will advise the Minister’s Office of our response and we look forward to his official response.
2012 tax topics
24-Jan-12: US and Canadian tax compliance update
14-Feb-12 US immigration and citizenship planning for high net worth clients
INCLUDES “SURPRISE! Your Client May Be an American Citizen and Not Know It” AND “Terminating American Citizenship”
AND Difficult cases – children, young adults or diminished mental capacity
|
YET ANOTHER TWIST: It is requested by this BC adoption agency that word be spread to any Canadians who have adopted a child from the US: http://www.sunriseadoption.com/node/938
All children born in the USA and adopted by Canadians over the past number of years (of which there are several hundred) are US citizens. This, of course, brings a number of rights and responsibilities. For example, they would be subject to a military draft.
The USA is the only country in the world that requires its citizens to report on their world-wide income, file a tax return, and pay US taxes, no matter where they live and irrespective of what other citizenship they hold. Continue reading
There are many Canadians supporting the Florida economy, as well as that of Arizona and other USA winter retreats !!!
http://michaelpower.ca/2010/11/eroding-financial-privacy-pipeda-fatca/
” As noted in the previous post, we now have a new American law – the Foreign Accounts Tax Compliance Act (“FATCA”) — that essentially requires organizations in Canada to identify clients who are American; obtain their consent to the disclosure of sensitive personal information to the IRS or withhold the provision of a service for a failure to provide that consent. How does that mesh with the obligations of those organizations under Canada’s Personal Information Protection and Electronic Documents Act (“PIPEDA”)?
” I AM CANADIAN. I THINK (Slide 8) Thousands of Canadian residents who were born in the U.S. were taken by surprise this summer when the U.S. Internal Revenue Service (IRS) announced it would be taking serious action against non-resident U.S. citizens who haven’t filed their American tax returns. U.S. income taxes are based on citizenship so thousands of Canadians with dual citizenship have to file several years worth of back returns, even when they haven’t lived or worked in the U.S. for decades. “
