Check this out. U.S. citizens living in Canada are required to disclose their RRSPs on an FBAR. I assume that a U.S. citizen living in the United States would have to file an FBAR disclosing any “offshore IRA”. This is a rather interesting article. Assuming you believe that Mr. Romney should disclose his tax returns, shouldn’t he have an obligation to disclose any FBARs?
https://twitter.com/#!/renounceus/status/160082767982493696
Came across the following article today:
Former Canadian Prime Minister John Turner is dual citizen. So too are Canadian politicians: Stephane Dion, Thomas Mulclair, David Alward, and (according to the Government of Canada site) Green Party Leader and MP Elizabeth May was born in the U.S. Why does citizenship matter in the first place? If so, why would anybody remain a citizen of a country that treats its citizens as property to be taxed. Can anybody afford the cost of U.S. citizenship? Interesting article in Account Today about the number of U.S. citizens renouncing: Continue reading
It occurs to me that there are two big obstacles for U.S. citizens living abroad who wish to comply with tax and reporting requirements.
The first obstacle is the cost. IRS tax and reporting requirements are too expensive for most people to manage.
The second obstacle is the confusing information and lack of clear guidelines from the IRS.
Your thoughts?
but there is no mention of this in the article. Perhaps it would be worth a comment or two. Most of the comments/posts on isaacbrocksociety.com are focusing on the restrictions put on U.S. citizens who try to exercise “economic mobility” by living outside the United States. This McKenna article does not mention these and neither do the comments.
This post is cross posted at renounceuscitizenship.
Trade, Deficits and Trade Deficits
Let’s begin with the basics.
Q. What is a “trade deficit”?
A. A “trade deficit” occurs when a country buys more of a country’s products than it sells to that country. What would be an example? The United States trades with China. The U.S. buys goods from China (check out Walmart). The U.S. also sells goods to China. It’s just that the U.S. spends more buying goods from China than it receives for goods sold to China. Is this a problem? I don’t know, let’s figure it out. Continue reading
This post is cross posted from Renounceuscitizenship.
See also: Roger Conklin writes about why he left Brazil in 1977 ; The US trade deficit: Was it caused by greedy companies or greedy government?
We are living in interesting times. During all the years of my tax consciousness I have lived with the assumption of U.S. citizenship-based taxation. When the IRS began its “reign of terror” on U.S. citizens living outside the United States and many people learned about their tax filing obligations, the discussion about citizenship-based taxation began. The U.S. is the only Western democracy and of one two countries (Eritrea being the other) which taxes on the basis of citizenship. The rest of the world taxes on the basis of residence or what is commonly referred to as “territorial taxation”. In a global world where:
See also:
Stop Citizenship-Based Taxation – Repeal FATCA
Citizenship-based taxation, the U.S. trade deficit and the destruction of U.S. capital
This post has been cross posted from renounceuscitizenship.
See also:
OVDI Switcheroo: Canadian RRSP back in the penalty base
Re: OVDI Switcheroo: Canadian RRSP back in the penalty base
Those who entered OVDI understood (hopefully) that they were paying a fine based on a percentage of a base of assets. Obviously the lower the base, the lower the amount of the penalties. An interesting thread on this appeared on the Jack Townsend blog.
For Canadians who entered OVDI (for whatever reason) there has much been much concern over whether RRSPs would be part of the base for which the OVDI penalty was calculated. People have been asking: will RRSPs be included or not? Why won’t the IRS take a position? Now, what follows is just my thinking and interpretation. It is not legal advice (or any other kind of advice). But, here is how I think you should view this and the arguments you should make.
Continue reading
This post has been cross posted at renounceuscitizenship
The U.S. chief technology officer notes that American needs skilled immigrants. He suggests:
“Why not staple a green card to every PhD in certain fields?”
“Welcome To America” and obligations of U.S. GreenCardShip!
I came across this great post – enjoy!
https://twitter.com/#!/renounceus/status/156873340496252928
This has been cross posted at the RenounceUScitizenship blog.
I can’t believe it. On January 5, 2012 I wrote a post about OVDI called: The Taxpayer, the IRS and the Cross Border professionals – where to go from here. Six hours ago I finished a lengthy post about OVDI called: Taxpayer Advocate vs. The IRS – It’s a question of trust. I thought I would enter: “OVDI Blog Post Retirement”. My point was that the IRS has a real trust issue. |The “cross-border professionals are not much help either. And then, almost on cue (while I was writing the post) the IRS is at again! To emulate a famous Ronald Reagan quote:
“There he goes again!” Continue reading
