New article from Bruce Ackermann of Yale University in LA Times. Call for increased enforcement of the Reid Amendment.
No comments posted yet on article.
Author Archives: Tim
New WSJ article on FATCA
Tax Rule Provokes Foreign Banks’ Ire
Takeways:
Whatever lobbying Democrats Abroad and ACA is basically completely ineffective and disregarded if you believe what is said in this article. I might send an email to Joe Green himself to get his reaction. An unnamed Treasury Department official appears to view the Democrats Abroad FBAR/FATCA survey as a “joke” because its anonymous. It appears Treasury has very much made up its mind on this issue prior to next weeks hearing.
Last Call: Prohibition in American
I have started reading a book called Last Call which is about the prohibition of alcohol in the 1920s which I find similar to the current situation people face themselves here at IBS today. I did find an interesting review of the book by Macleans magazine about the impact and perhaps one might say benefits that accrued to Canada during prohibition.
Article in Toronto Star on FATCA (ACA needs to denounce Rep. Neal TODAY)
Here it is:
A couple of comments:
Its just a reprint of a Bloomberg article but because its a Canadian newspaper I though some might be interested in making comments on the comments section.
I found the comments from US Congressman Richard Neal to be quite interesting. I think if ACA and Democrats Abroad want to truly show they are in this battle, they need to come out and denounce Congressman Neal TODAY.
State Bar of California- Tax Section on FATCA
While I know personally and I suspect many others here would like some stronger language I think the California Bar Assocation Tax Section raises some very pointed comment in their letter that discusses the issues we are facing here. I should further point out that the fact they bring up these issues is not for naught as the California Tax Section is one of the most influential groups of US Tax Lawyers. In particular I think they raise a very pointed question of the IRS Commmisioner which is the entire recent crackdown intended only solely to go after people living in the US with offshore assets or people residing outside the US with basic banking arrangements in their home countries. I also wanted to post this letter because two of the more prominent friends of the site(Steven Mopsick and Phil Hodgen) are members of the State Bar of California- Tax Section
New Zealand Government position on FATCA
Here it is:
http://bsmlegal.com/PDFs/NZ.pdf
They don’t know quite what they want other than they want KiwiSaver plans exempted. JustMe and Moby might want to call their NZ MPs and have a word with them. They also claim to have extensive information sharing between NZ IRD and US IRS.
Perhaps you might want to have a word with Danie Beukman, Second Secretary at the New Zealand Embassy in Washington.
Another group I suspect might be interested in this letter I suspect would be the NZ Greens and NZ Labour.
Update: Call Danie Beukman on Monday. Really he works pretty closely with the US House Ways and Means committee. He is pretty active on Twitter also.
For those who don't think we have enough tax information sharing between Canada and the US
This is the complete list of all the types of information the Canada Revenue Agency automatically sends to the IRS for US Residents receiving Canadian income. I would say we are hardly a tax haven. Additionally payors of these types of income are required by Canadian law to get a TIN from whoever the US resident recepient is.
New Zealand Bankers Association on FATCA
Good comments:
Violation of NZ Human Rights Law
Violation of NZ Privacy Law
No Ability under NZ law to withold tax
Cannot comply with FATCA under NZ law
Suggest “Intergovernmental Agreement” (I am getting tired of this)
http://bsmlegal.com/PDFs/NZBA.pdf
There is an insert in the middle from the Australian Bankers Association
Transcript of the one and only Congressional hearing ever held on FATCA
I wanted to finally provide the transcript of the one and only Congressional hearing ever held on FATCA before it passed into law.
http://democrats.waysandmeans.house.gov/Hearings/transcript.aspx?NewsID=10411
Observations:
Even in 2009 there was significant opposition to the law
Congress really didn’t know what the hell they were voting on there were almost no witnesses invited other than from Treasury. ACA for example wasn’t invited to attend. Almost none of the committee members asked any relevant questions.
The public service of the US Treasury Department badly wanted this legislation however, by not informing Congress that much about it I suspect it will be public servants who will walk the plank when the you know what hits the fan.
FATCA Comments from Swedish Bankers Association
Put Sweden down on the side of the good guys. Here is their comment letter. Pretty blunt. More than even Brazil
