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Author Archives: Just Me

Gibbs, Democrats hit Romney over offshore bank accounts

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The Hill has a video and story up this morning regarding Romney’s offshore accounts. It provides a good opportunity to comment to a readership that is in DC about what you think about this “offshore issue” and FATCA. I posted a lengthy comment, but is now in under review.

Note: You can edit once you post, and that is what I was doing that sent it into moderation. The first post ran all together without paragraph breaks. I think it is the second edit for a spelling error that prompted the review, so be careful.

Here is the link Continue reading →

Break through: FATCA story finally hits the NPR radio waves in America!

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After waiting for 3 long years, a story about FATCA was finally heard on some NPR stations around the Nation. This was created by PRI (Public Radio International). They have a daily radio show which they do in conjunction with the BBC, and it comes out of WGBH in Boston. It is appropriately called, The World. You can listen to the story here: What FATCA Did to American Bank Customers in Switzerland Coming on the heels of the CBC interview on Canada Day, it is good these stories are finally being heard by a wider audience.

More good media news

Thanks to ACA member, Dorothy, who brought Expats Radio to ACA’s attention, ACA now have relationship with them. The first ACA interview is NOW on their website. This will be the first of many and they will be working with them to help ACA reach a wider audience. You can listen to an interview with MaryLouise Serrato here.

Expats Radio informs ACA they have over 250,0000 visitors each month, plus they have a catalogue sharing agreement with NPR radio. This means ACA will be available to be heard on NPR and hopefully reach a deeper audience in the US.

IRS Announces Efforts to Help U. S. Citizens Overseas Including Dual Citizens and Those with Foreign Retirement Plans

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Here it is. Was this what you were waiting for?

 

IR-2012-65, June 26, 2012

WASHINGTON — The Internal Revenue Service today announced a plan to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues.   Continue reading →

Amy Webster a dual Swiss-US Citizen, tells her FATCA Fallout banking story.

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Amy Webster, a communications specialist who lives in Morges, Switzerland shared her FATCA fallout story recently on the Genevalunch blog.  The link to her story was in one of the comments posted here on Isaac Brock.  I have been in contact with her via email, and obtained her kind permission to also cross post it here for additional visibility.  She said, “By all means, my story has gone public, so please feel free to do what you wish with it, as long as it can help our cause!”  Her story follows: Continue reading →

Roger Conklin: 1099 problems vs FATCA problems….

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Roger shares a recent story about his difficulties in sorting out a small error with the IRS over 1099 reporting.  I think the story is instructive of greater difficulties to come, when the IRS is gathering “all account data” from Foreign Financial Insitutions (FFIs) plus foreign governments. Remember, this is not just “income related data” like the 1099.

We now see FATCA has expanded to 3 various models, FATCA Direct, FATCA Model I for 5 EU countries, and FATCA Model II for Switzerland and Japan.  More models to come?  So, reflect on Roger’s story below, and ask yourself, “So what could possibly go wrong?”  🙂   Ah, she’ll be ‘right, Mate! Trust us! LOL Continue reading →

FATCA: The IRS’s Very Big Stick

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This just out on the Wall Street Journal Blog, by Christopher Chung.

The U.S. Internal Revenue Service is brandishing a “very big stick,” and it’s called the Foreign Account Tax Compliance Act.

But the government isn’t looking to hit foreign funds and institutions to bring in tax revenue. “[The IRS] would say, ‘We would be thrilled if we didn’t collect a dime under FATCA,” Laurie Hatten-Boyd, a principal at KPMG, said. “They view this as an information gathering regime, not a withholding regime.”

Note:  No mention of impacts on Minnow Americans abroad, or immigrants new to America.

The Economist, live debate. With FATCA FBAR OVDI, Does Obama Deserve to be Re-elected?

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Weigh in here.  Does Obama deserve to be elected?

This is a moderated debate that is in the opening remarks phase.  It will run to closure on June 20th, so there is time to weigh in on his actions which are impacting Americans Abroad so negatively.

Here is the comment I just quickly added. I tried real hard not to be too long! 🙂

Huff Post: Expat Absentee Votes Are Going to Be Even More Important in 2012

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Here is a recent article what was brought to my attention this morning that provides some opportunities for feedback and comments.

I bet you didn’t know that there are 6,320,000 U.S. civilians living abroad. Of which 205,118 are military personnel deployed overseas, and 270,604 are Study abroad students. (That’s a lot of study abroad students. More on that later.)

If overseas Americans were a state, we would be the 18th largest in the nation. (Sorry, Missouri!)

Read and comment here

Michael Lewis: The Extra Cookie…

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Just a weekend break from FATCA, to something a little more thoughtful and entertaining.  If any of you are familiar with Michael Lewis and some of his literary successes, like Liar’s Poker, Money Ball, The Big Short, and Bloomerang (I recommend them all), you might enjoy this short video.  It is his commencement speech at Princeton on the 30th year anniversary of his graduation.  Enjoy! It should make you think!