Patricia brought to our attention on another thread that the World Economic Forum is having its Annual Meeting at Davos and has several webcast of meetings
The programme for the five days is at this link.
Wednesday 23 Jan, beginning 0900 CET, focuses on the Global Financial Context.
Many sessions are webcast and archived, and people can participate by Twitter.
The best thing about being an ex-American living outside of the United States is that I don’t live in the United States anymore.
Professor Christians has released the paper that was the basis for her presentation at the Tax Conference on January 18, 2013. In order to listen/view her presentation see an earlier post with commentary on the Pepperdine Tax Conference.
From Out-Law.com:
UK financial institutions may face compensation claims if they send inaccurate data under FATCA regime
Excerpt:
In its document, which sets out answers to ‘frequently asked questions’ on the issue of data protection and FATCA, HMRC said that financial institutions could face claims for compensation from US nationals if they provide inaccurate information to the US authorities.
“In addition to any rights you may have to claim compensation from the US authorities, the DPA (Data Protection Act) gives individuals the right to claim compensation from a data controller where they have suffered damage because of a breach of the DPA,” HMRC said in its guidance. “As both HMRC and the financial institutions are data controllers for the FATCA information, you can make a claim for compensation to either (or both).”
“Preserving our individual freedoms ultimately requires collective action.”
Thank you, Mr. President, for providing the clearest rationale yet for the necessary existence of The Isaac Brock Society. As you begin your second term in office, may you spare even a nanosecond of thought for U.S. Persons worldwide untainted by the assumption that we are all rich tax cheats like your outgoing Treasury Secretary. Have a nice day.
The majority of RBC clients are not U.S. persons and, in most cases, FATCA should have little impact. If you have an existing account and there is an indication that you may be a U.S. person, or if you are opening a new account, RBC may ask you to provide additional information or documentation to demonstrate that you are not a U.S. person. (link mine)
From the RBC’s FATCA page.
Hat tip: Suki
It appears to me that our strongest card — besides the 1,000,000 of us in Canada — is the support of the Canadian Civil Liberties Association. It is a wonderful organization — recall the fine work done on the G20 in Toronto. I suggest we all join and support its ongoing work — especially in regards to us! http://ccla.org/
As you know the IRS wants to require a license, issued by the IRS, in order to charge money to prepare tax returns. For the moment this requirement has been struck down by the courts.
https://twitter.com/FATCA_Fallout/status/292905409373683712
I believe that the discussion on this is missing the most important point which is captured in this exchange:
My comment on "IRS Stopped 'Dead In Its Tracks' In Efforts To Regulate Tax Preparers" @Forbes: http://t.co/8v7RKRz0
— Alvin S. Brown, Esq. (@USTaxAttorney) January 20, 2013
@USTaxAttorney @Forbes Big difference between the regulation of preparers and preparers being regulated by the IRS. Latter is the problem!
— U.S. Citizen Abroad (@USCitizenAbroad) January 20, 2013
The problem is that that if it is the IRS that is issuing the license, then tax preparers will think that they must please the IRS instead of being fair to the client. It is like the problem of the lawyer who wants to put everybody into OVDP and the lawyer who considers a number of compliance options.
This case is likely to go to the Supreme Court. I suspect that the decision that the IRS can’t regulate will stand.
This is an interesting topic to solicit comments on. I am increasingly of he opinion that the manner in which the U.S. imposes citizenship-based taxation may be a human rights violation. The reporting rules, threats, intrusion into the family finances, keeping the non-US spouse out of the family finances, disallowing a child deduction for children who are NOT U.S. citizens, making it difficult for the non-citizen spouse to inherit …
Does U.S. citizenship-based taxation interfere in marriages?
Subject to your comments, I think this would be worth a more comprehensive post.
I don’t know much about the show or the radio station in NYC but it should be available online both live and via archive. It looks this show which is fairly new has covered expat issues in the past such as interviewing Mark Nestmann. Interview air time looks to be 7:00PM Eastern.
