https://twitter.com/#!/renounceus/status/184055970375286784
Author Archives: USCitizenAbroad
No U.S. Tax Compliance, No U.S. Passport = Increased demand for a second passport
Cross posted from RenounceUScitizenship.
Citizenship renunciations are soaring under the Obama administration. In a move that is sure to accelerate this trend, as part of Tax Amendments to Senate-Passed Highway Trust Fund Bill (S. 1813), the ability to get a U.S. passport is now tied to U.S. tax compliance. The provisions are detailed. But, the bottom line is that the issuance and renewal of U.S. passports is now tied to U.S. tax compliance. I suspect that (at least initially) this will affect few people. You should read the complete article (courtesy of ACA). Note the following comments from lawyer Charles Bruce.
Continue reading
Life is full of firsts, including your first FBAR
Cross posted from RenounceUSCitizenship.
There are many firsts in life. These include graduations, weddings, and more.
Anecdotal evidence suggests that few U.S. citizens living outside the U.S. had ever heard of Mr. FBAR (until the mainstream media began educating people). One can’t file, what one has never heard of. That was until recently. Since the fall of 2011, the mainstream media has been educating U.S. citizens about U.S. tax compliance.
Tax and FBAR compliance is a priority for most U.S. citizens living outside the United States. The IRS has still NOT released the “compliance guidelines” that were promised when OVDI was reactivated in January of 2012. This is a major problem. By not coming forward with the promised guidelines, the IRS has become an obstacle to tax compliance. We are well into tax season. In any case, …
One of your most important firsts will be your first FBAR. You spent lots of time preparing for your other “firsts”. This “first” should be no different. Part of your preparation should be how to file those FBARs. Continue reading
House GOP budget plan to target taxes
Check out this article from the Wall Street Journal.
The following is of particular interest: Continue reading
New Obama campaign video notes that Obama has changed the way people view the U.S. – Right On!
Let Obama class warfare begin!
References Romney 2008 suggestion that the automakers should not be saved. We know who he thinks he is running against.
Toronto tempts bankers tense about Volcker rule – Even the banks want out of the U.S.
Check this out.
Toronto tempts bankers tense about Volcker rule
How can a country do so much to make one want to avoid it?
What the U.S. could learn from Switzerland
IRS lacks authority to impose tax on tax by regulating tax preparers – Lawsuit alleges
Cross posted from RenounceUScitizenship.
The Two Seasons: Tax and Non-Tax
It used to be that at least in theory there were four seasons. But, now in practice, there are only two seasons: “Tax Season” and “Non-Tax Season”. “Non-Tax Season” is getting shorter and shorter. Continue reading
Check out the following page on HR Block site – suggests U.S. citizens must enter Voluntary Disclosure
Help! I would like a second opinion on what this page on the HR Block Canada site is really saying. It appears to me that they are either directly saying (or at least implying) that U.S. citizens in Canada MUST enter the Voluntary Disclosure Initiative. To me this sounds as though they are saying that people must enter the OVDI program that was reactivated in January 2012. VDI is certainly different from a general requirement to file U.S. tax returns. The page URL is here (it states a 2012 publication date):
http://www.hrblock.ca/canada-irs.asp
What follows is an excerpt from the page. (You may want to read it all.) Am I misreading this? Am I misinterpreting this? How would a U.S. citizen in Canada interpret this? Help! At the very least I think this is highly misleading. I have highlighted certain parts. Your thoughts? Continue reading
The cost of U.S. tax compliance, the costs of non-compliance and how to choose the right lawyer
This is an excerpt from a post at RenounceUScitizenship. Most of the rest of the post already appears here. That said, for those who what more …
I wrote an earlier post that discussed how to select the right tax preparer to do your U.S. tax returns on a going forward basis. Many people fear that the IRS cannot be trusted. But, can we trust the cross border professionals? The purpose of this post is to share some thoughts on how to get the “professional help” required to clean up past compliance issues. This should be considered in terms of (at least) the following four factors: Continue reading