Liberty and justice for all United States persons abroad

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Category Archives: Issues regarding US persons abroad

Judge Rules U.S. Banks Must Report to Foreign Countries under FATCA Deals #DATCA

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Let the exodus of foreign investments from the tax haven of USA begin! A new article out today at accountingtoday.com reports:

A federal court has ruled that U.S. banks must report to foreign governments on the holdings of nonresident alien account holders under the intergovernmental agreements that the Treasury Department has signed with other countries’ tax authorities in an effort to implement the Foreign Account Tax Compliance Act.

http://www.accountingtoday.com/news/Judge-Rules-Banks-Must-Report-Foreign-Countries-FATCA-Deals-69297-1.html

 

#Americansabroad will be interested in @ACAVoice submission to Senate Finance Committee

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American Citizens Abroad continues its advocacy for Americans Abroad with its latest submission to the Senate Finance Committee. As noted on this blog, submissions to the Senate Finance Committee are due on by January 17. Of particular interest is the reference to and discussion of Canada’s Departure Tax as a possible replacement for the draconian and punitive 877A Exit Tax Rules.

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International Adviser Recent Articles re Nina Olson’s Report to Congress and IRS updates on FATCA and PFIC regulations

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I received links today from an Isaac Brock Society friend who says ‘Please feel free to post the links on Isaac Brock. I really don’t have the energy to start posting myself, so if it is OK I will send you anything I think might be useful (I get google alerts every day), and you can decide whether to post it or not.’

Yes, I absolutely will help out. I hope you too will find these contributions from Helen Burggraf to International Adviser, Tax & Regulation of interest and use.

IRS watchdog says agency’s offshore voluntary disclosure schemes too harsh

and:

IRS unveils latest batch of FATCA, PFIC regulations

@HarvardIR article describes hardships of #Americansabroad suggests abolishing citizenship-based tax

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This article appeared on the RenounceUSCitizenship blog.

Interesting article by by Jessica Dorfmann in the Harvard International Review. On the whole it is a very good article. After describing many of the specific hardships of U.S. citizenship abroad, It closes by saying:

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More @CBCNews #FATCA report – @JLancasterCBC – Spineless @Cdnbankers think #FATCA like winter

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This is a nicely done clip that appeared (in all places) on Toronto news at 6.00 p.m. The news starts off with a continuation of the Mayor Ford Chronicles (as the mainstream media continues its desperate campaign to re-elect Rob Ford).

This video continues with a familiar cast of characters. But, the part that I found particularly interesting was a representative of  the Canadian Bankers suggesting that to protest FATCA is the same as protesting winter. Seriously, yes!

“Saying NO to FATCA is like saying no to winter, both will arrive.”

He then confirms his view that the only relevant issue is the well being of the banks and their customers.

“If we were to be non-compliant there is a great financial risk the banks would face and a great financial risk their customers would face.”

I used to think that @CdnBankers were unprincipled wimps.  I now think they are completely mindless wimps and are therefore incapable of any principle.

It’s important to remember that the Canadian Bankers Association is basically begging the Federal Government to sign an IGA to protect the Canadian banks!

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Allison Christians – CBC Interview on FATCA and U.S. citizenship-based taxation

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This is a very good interview which  covers a wide range of relevant issues.

 

#FATCA facts: @cbcamber What Canadians need to know about new U.S. tax law – affects unsuspecting CANADIANS

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Two very good articles from Amber Hildebrandt of CBC.

Article 1 – Introducing FATCA

The article referenced in the above tweet, by Amber Hildebrandt,  is good because it IS NOT focused on U.S. citizens in Canada. The focus is more on Canada and Canadians! This is a welcome relief and an indication that, slowly the media is beginning to realize what FATCA really is.

Excerpts include:

Who is affected by this law?

The short answer is almost every Canadian. It is expected to cost banks substantial amounts of money to implement the systems required to find residents with U.S. connections, costs the banks may well pass along to all their clients.

Some estimate it could cost $100 million for each financial institution.

Those directly affected by the law include dual citizens, Canadians with Green Cards and some snowbirds who spend considerable time in the U.S.

 

Article 2 – The Absurdity of Citizenship-based taxation

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