Romney Raising Funds from Expats. Some excellent comments have been posted on the tax plight of US Expats abroad on the Wall Street Journal. Here is an opportunity to refute some arguments and perhaps open the eyes of Romney to the disastrous plight of overseas Americans. Roger has added his. I am traveling, but will add mine tonight when I get a reliable internet connection.
Author Archives: Just Me
FBAR Penalties Just Got Even Worse
I just want to draw your attention to the recent decision in the Williams case which some of us have been following. Robert Wood, just posted this story late last night.
The Fourth Circuit Court of Appeals has handed the IRS a victory in its war on offshore accounts and income. In United States v. Williams, the appeals court reversed the district court’s holding that Mr. Williams didn’t act willfully when he failed to file FBARs.
Jack Townsend has also blogged about this. Fourth Circuit Reverses Williams on Willfulness (7/20/12)
Jack says, “The basis for the holding, I think, is the notion that the Court repeats that defendant’s signature on the return puts him at criminal as to anything that was not correctly reported on the return. The notion is that, even if he did not know about the incorrect reporting and the leads that he might have found to the FBAR, he is willfully blind — and thus willful — as to the failure to file the FBAR. I think that is a dangerous and wrong notion that is not facially limited to just FBAR situations and very bad facts. “
As an American abroad, What assurances do I want from the U.S. Candidate for President?
I haven’t been on the computer much today, and just getting around this evening to catching up. I noticed this story at NBC that was posted yesterday. I decided to have a read to see what he is up to.
Romney foreign trip highlights significance of overseas U.S. voters
By Tom Curry, NBC News national affairs writer
This article is probably a little dated now to waste much time commenting on. There are already 648 comments, and it may have run it’s course. Not many comments are inspiring or hopeful that folks are looking for a meaningful discussion of overseas issues. Frankly a lot are inane, or at least the ones that I have read. I wasn’t going to post anything, but this got me thinking about some of the specific points, questions or assurances that I might want Romney or Obama to address if one of them showed up in New Zealand asking me for my vote. Continue reading
Daily Reckoning and Expat Experiences:
Petros explains to the Daily Reckoning audience why Americans are renouncing their citizenship.
William McGurn at WSJ, Joins Isaac Brock Hall of Fame..
Out tonight on the Wall Street Journal, this new story: Obama’s IRS Snoops Abroad
Who wants American partners when that means opening up the books to U.S. bureaucrats?
Within the United States, almost no American has heard of it. Save for the occasional article, it’s gone largely uncovered. And just like ObamaCare, the nastiest, job-killing aspects will not hit until after this November’s election.
This article deserves our attention, comments and circulation. It has only been online for about 2 hours and 8 comments so far, so let’s start adding them. 🙂
FATCA Form 8938: Demystifying the Complex Rules and Severe Consequences for Noncompliance, by Hale Sheppard
Hale Sheppard, who Renounce calls the FBAR Scholar, has published an article in the most recent issue of the International Tax Journal, which focuses on Form 8938. It is called “The New Duty to Report Foreign Financial Assets on Form 8938: Demystifying the Complex Rules and Severe Consequences for Noncompliance.”
He has distributed it to members of American Citizens Abroad (“ACA”) as he thought we would find it interesting, because (i) it contains a thorough analysis of the Form 8938 filing requirements and rules, incorporating guidance from various sources, (ii) it discusses the overlap between Form 8938 and the FBAR, and (iii) it explains the largely unappreciated consequences for taxpayers who fall into non-compliance. Continue reading
WNYC Following Up: Are Swiss Bank Accounts All That Bad?
My wife was listening to the NPR Now channel on XM radio during her drive to work this morning. She called to alert me to this short discussion that was on the Brian Lehrer show which is an WNYC program out of New York. This is primarily a discussion with Matt Welch, editor in chief of Reason magazine, who follows up on the Vanity Fair revelations regarding Romney’s Offshore accounts. Here he explains why he thinks Swiss bank accounts are just fine, and also gets into a discussion of FATCA impacts on average middle class Expats. I am not sure how many NPR stations around the nation carry this program, but good to hear such coverage on the U.S. airwaves. It is short, only about 10 minutes, and you can listen here.
William McGurn from WSJ looking for Testimonies on FATCA Impact
Many of Isaac Brock readers will be familiar with William McGurn from the WSJ who has written on U.S. Expat issues. This one back in January really caught my attention, as it was one of the few from a journalist who understood the Expat plight. He has also written What is the U.S. Citzenship Worth and there was an associated video here.
Bill is now seeking testimonials on real life FATCA impacts that can be part of a story he is working on to help educate Americans. His email is: WMcGurn@newscorp.com Read more on what he is specifically looking for below before you email him. Thank you. Continue reading
IRS Technical Guidance:
For those of you who I been dying to know, the IRS has release Technical guidance on it’s e-News for Tax professions, Issue Number: 2012-28. I thought I would publish it for you, as I think it is illustrative the the core problem we have in our tax complexity. Just occasionally it is good for us novices to look behind the 1040 curtain. This is just guidance, so you get it right. All you need do is hire a team of Tax professionals to be sure you are legally applying the provisions covered by this guidance. That is what Romney did, and so can you! 🙂 BTW, the word “Foreign” is mentioned 29 times, and “U.S. Person” is mentioned 12 times, so something is happening here that could apply to you, your Corporation, your Entity or your Trust, or not! It is for you to figure out! Enjoy. Continue reading
Humor Interlude: WILLIAM SHATNER SINGS O CANADA
Canadians: He does you proud!
