Renounce tweeted this evening about Congressman Tierney’s proposal to do away with the Foreign Income Exclusion. That caught my eye, and so I inquired of Andy Sundberg and ACA. If you wonder why the Tax Code is over 72,000 pages, after you read this information he sent me, you will wonder no more.. Continue reading
Author Archives: Just Me
FATCA Take II: Finding U.S.Tax Evaders Abroad Gets Easier
Thought you would be interested in this headline that I found yesterday on International Securities Services Magazine online. The title caught my eye, and when I began to read the article and saw these comments, I began to boil.
What is the Systemic Risk of Citizenship taxation to the World’s Economy….
What is the REAL Size of the U.S. Federal Tax Code
WHAT IS THE REAL SIZE
OF THE U.S. FEDERAL TAX CODE
AND
HOW HAS THIS CODE BEEN EVOLVING?
This is the second in a series of comments made by Andy Sundberg, Fellow and secretary, the Overseas American Academny, Geneva, Switzerland, 12 February 2012. He may be reached at andy at sunberg dot com.
To see the first post regarding the past 50 year history of Citizenship taxation abuse go here. Continue reading
After Five Decades of Abuse, Enough is Enough!
“ENOUGH IS ENOUGH”
AFTER FIVE DECADES OF ABUSE
IT’S TIME FOR A CHANGE
THIS COMING OCTOBER WE WILL MOURN
THE 50TH ANNIVERSARY
OF THE DEATH OF
A LEVEL PLAYING FIELD
FOR OVERSEAS AMERICANS
AND NOW IT’S TIME TO GET IT BACK
Reproduced by permission of Andy Sundberg, Fellow and Secretary, the Overseas American Academy , Geneva , Switzerland , 16 January 2012. Email contact: andy at sundberg dot com Continue reading
Bring Back the Money….
Here is the latest that is coming out of DC on territorial taxation that was just proposed yesterday. Of course, as to be expected, it is Corporation directed in its focus. They are the ‘super persons’ that get all the attention around Congress these days. However, there is language that is encouraging here. I think we need to be writing Senator Enzi, as he is asking for comments. He is stopping short with his efforts, and these measure should include US citizens residing abroad as well. Regional taxation should be for all, not just super persons! In our letters, we can use many of the excellent arguments Roger has provided us as support. The bills title should be… Bring Back the money and create more export jobs in the US with Territorial taxation for all!
Treasury, IRS Issue Proposed Regulations for FATCA Implementation – DATCA (lite)
Media Relations Office Washington,D.C. Media Contact: 202.622.4000
www.IRS.gov/newsroom Public Contact: 800.829.1040
Treasury, IRS Issue Proposed Regulations for FATCA Implementation
IR-2012-15, Feb. 8, 2012
WASHINGTON— The Treasury Department and the Internal Revenue Service today issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act (FATCA).
Enacted by Congress in 2010, the law targets non-compliance by U.S.taxpayers using foreign accounts.
American Citizens Abroad (ACA) recommendations for fundamental tax reform has been posted.
ACA recommendations for fundamental reform of U.S. tax laws affecting bona fide overseas residents has been posted on its website. They will be discussing these in DC this week.
http://www.aca.ch/joomla/index.php?option=com_content&task=view&id=504&Itemid=97
Cover sheet is here…
Position paper _ No. 1: An alternative to citizenship-based taxation with major economic advantages for the United States
Position paper _No. 2: Eleven proposals for tax reforms required and applicable within the framework of citizenship-based taxation.
Comments of support can be emailed to info.aca@gmail.com
Also, I will be sure to point ACA Directors attention to this web site for any comments that might be made here.
‘Just Me’: A View From Inside the IRS Offshore Voluntary Disclosure Program
Just Me provides a case study report of his experience as a 2009 OVDP victim. It includes his letters to the IRS Commissioner, Douglas Shulman and his entire OVDP correspondence file including his TAS appeal. It is offered as an insight and warning on what to expect should you choose this route back to U.S. Citizenship taxation compliance. Updated March 19, 2012
FBAR penalties for "reasonable cause". The Unknown unknowns.
This is a response to @Mona that I did over on another discussion thread. Petros has suggested I make a post out of it as a stand alone, which I am doing with some amendments to my previous rushed comments.
Mona said to Roger… ” I still think that they should allow for reasonable cause. I do see what you’re saying though, especially with the possible fbar penalties. But outside of the ovdi and ovdp programmes, do you know of anyone who genuinely hadn’t known about fbar and pleaded reasonable cause still being hit with draconian fines? There don’t seem to be any cases specifically mentioned on any of these blogs.”
Here is my response:
