Recent summit talks between the Finance Minister of Canada and the Commissioner of the IRS, to determine how to overcome incompatible tax systems, has resulted in a suggestion about how to revamp the United States and Canada tax treaty. The two parties propose to merge the Internal Revenue Service of the United States and the Canada Revenue Agency, on or before January 1, 2013. The proposal is subject to approval by Congress.
Author Archives: Petros
Taxing your primary dwelling: Another reason that United States Expats must relinquish their American citizenship
A few weeks ago, I mentioned that the Fifth Amendment is supposed to protect Americans from the the Federal government confiscating their property without due process. Yet the capital gains tax is exactly that: a seizure tax which actually impoverishes Americans. The Cato Institute has done an excellent video explaining why capital gains taxes is theft, pure and simple:
Canadian Federally Funded Media Carries IRS Water: CBC scaring Canadians (UPDATED)
IRS cracking down on U.S. expat taxpayers: Steep penalties for Americans who don’t comply with U.S. tax laws (Updated: CBC has corrected the article)
We should call for an apology from reporters from our own government funded media who fail to point out the specific protections that the Canadian government has offered: (1) Never to collect taxes for the United States from a Canadian citizen. (2) Never to collect an FBAR fine from anyone ever. Why does Jon Hembrey of CBC News fail to point out these protections in his article? Instead, this is what we get:
Noli me tangere: An Open Letter to Honourable James Flaherty, Canadian Minister of Finance
A reader has asked me to post the following letter to Finance Minister Jim Flaherty, a warning about FATCA.
United States "overcharging" the Russians: Why the United States needs its expats
The State Department enjoys a multi-billion dollar budget. Why then would Hillary Clinton embarrass the United States in front of the Russian Foreign Minister?
Calvin Ayre, Fugitive from United States Justice
Calvin Ayre, Canadian citizen and owner of Bodog, has been indicted by the United States, along with three other Canadians. Is this an example of a big time money launderer? Or is it just another example of U.S. extra-territorial judicial overreach? Meanwhile, check out Ayre’s website, bodog.com.
Not OVDI, says Michael J. Miller, with regard to an offshore account scenario
Tax lawyer Michael J. Miller offers a scenario in a comment: A recent immigrant to the United States, Tom, had an offshore account with $1,000,000–the best manner to going forward is not OVDI!
Supreme court Decisions on Loss of Nationality: Appendix B of State Department Foreign Affairs Manual
Reader TomOn asked me to post this:
U.S. Department of State Foreign Affairs Manual Volume 7―Consular Affairs (pdf)
Letter from Consulate General July 25, 1980
The following letter was sent to me from Ladybug to be uploaded to Isaac Brock Society.
The IRS is bluffing–Bad faith in the OVDI
The IRS uses the threat of severe FBAR penalties to frighten taxpayers into the Offshore Voluntary Disclosure initiatives (OVDI). Thanks to a document uncovered by Showdown, we now know that the IRS is bluffing. This is an example of bad faith.