From the archives of Phil Hodgen’s blog, John Nolan, August 27, 2011 | 3:19 am, wrote:
Author Archives: Petros
Steven Mopsick's blogspot and his latest post
Our new friend, 30-year IRS veteran, Steven Mopsick, has been a really good sport. He’s defended the orcs of Mordor, his former colleagues at the IRS fearlessly, and he’s taken our abuse like a trooper. He’s asked me if I wanted to put up his new post on FATCA, and I said to myself, why the heck not? Meanwhile, go have a look at his blog, especially this little piece, called FATCA Red Herring, which starts with this whopper, “For all the groaning about FATCA, there is one ‘red herring’ which should be given the lie right away, and that is the silly notion that FATCA is an attempt to force the application of U.S. law on foreign financial institutions.” Well, if nearly 400 pages of orcish regulation isn’t an attempt to force U.S. law on FFIs then I don’t know –but wait, these regs still hadn’t come out when Steven wrote that post–so you’re off the hook, Steve–I am being unfair.
Again, caveat emptor! The Isaac Brock Society maintains a non-endorsement policy of tax-professionals (see here). Also, please read not just the post, but the full comment stream.
New Rules For Foreign (Non-American) Banks with American Clients
by 30-year IRS veteran
Is a Certificate of Loss of Nationality really necessary? New FATCA regulations are in gobbledygook
Petros isolates the term “Certificate of Loss of Nationality” (CLN) in the new FATCA rules.
Eritrea evil; USA good
Guest post: Roger Conklin sends in a couple of links regarding the United Nations condmenation of Eritrea.
Here are a couple of many links on the Internet with respect to this resolution of condemnation. One includes a Video of Susan Rice, US representative on the Security Council, speaking in support of this resolution. The second is the text of the resolution.
Fifth Amendment II: Two court cases of offshore account subpoenas
An excellent summary of two recent court cases related to FBAR appeared in Novemeber issue of the New York Law Journal and is available online at the web page of the author, Jeremy H. Temkin.
Fifth Amendment and Government’s War on Offshore Accounts (PDF)
The US is Morphing Into East Berlin, by Monty Pelerin
The following is a guest post from Monty Pelerin (used with permission).
I have always considered myself a peaceful, law-abiding citizen. I have never been arrested, obtained a Top-Secret clearance for my duties in military intelligence, have always paid my taxes, never demonstrated for or against any causes, etc. etc. Apparently, my evaluation was incorrect.
Fifth Amendment: Belated FBAR filings are a substantial hazard
Michael Sardar, “The FBAR and the Fifth Amendment” Journal of Taxation 111 (2009) 180-182.
The article argues that a substantial hazard of criminal charges exists if a person files a late FBAR. Therefore, on Fifth Amendment grounds, an argument can be made for not filing the FBAR at all. The first time filer says with the FBAR filing,
“I have a foreign bank account and have not reported it previously,” with the inevitable question arising whether the account existed in prior years.
U.S. Treasury says, "When taxpayers overseas avoid paying what they owe, other Americans have to bear a disproportionate share of the tax burden"
This is the comment of the day, from omghe’sstillanamerican:
Yes the UK talks about collecting foreign account information of residents of their own countries while the Treasury department issued this gem (Bloomberg Businessweek):
“When taxpayers overseas avoid paying what they owe, other Americans have to bear a disproportionate share of the tax burden,” Emily McMahon, the Treasury’s acting assistant secretary for tax policy, said in the press release. “FATCA is an important part of the U.S. government’s effort to address that issue and these regulations implement FATCA in a way that is targeted and efficient.”
OVDI Switcheroo: Canadian RRSP back in the penalty base
News Flash: The United States government is so desperate for cash that the IRS has put the RRSP back into the penalty base for the Offshore Voluntary Disclosure Initiative. You can read about here and at the Serbinski Forum (see comments by Tacova and tsanaha).
Imagine that. The United States is now raiding the retirement accounts of Canadians. Way to take the high ground Mr. Shulman. Way!
FATCA is not Queenston Heights, says 30-year IRS veteran
Speaking out again, 30-year IRS Vet tells us that Isaac Brock was a great guy but that FATCA is not the hill that any of us wants to die on.