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Category Archives: Issues regarding US persons abroad
FATCA and employment for U.S. citizens abroad
Cross posted from RenounceUScitizenship
Here is a comment on an earlier post I wrote:
#americansabroad For our company we are sending all the ex-pat Americans home to the US. For one reason only. #FATCA http://t.co/4MUvbAQG
— U.S. Citizen Abroad (@USCitizenAbroad) June 9, 2012
The IRS should be made to answer certain questions before FATCA can be enacted. Here are just a few. Other readers please add more.
1) How many Americans are affected by FATCA?
2) How many of them do the IRS consider to be criminals?
3) If there is no change in the behavior of American citizens how much extra tax will FATCA generate?
4) What percentage of Americans change their behavior if FATCA is enacted to reduce their taxes?
5) How many FFI are there in the world?
6) What is the total cost born by the FFIs to become compliant, and the annual cost thereafter?
7) How many FFIs will choose not to do business with Americans living abroad, just terminate their accounts?In business we have failure criteria. The IRS must make a statement in advance that FATCA will be considered a failure if it fails to raise a defined amount of new taxes. Considered a failure if a certain percentage of FFIs withdraw funds from the US rather than bear the cost of compliance. Etc. etc.
For our company we are sending all the ex-pat Americans home to the US. For one reason only. FATCA.
Michael Lewis: The Extra Cookie…
Just a weekend break from FATCA, to something a little more thoughtful and entertaining. If any of you are familiar with Michael Lewis and some of his literary successes, like Liar’s Poker, Money Ball, The Big Short, and Bloomerang (I recommend them all), you might enjoy this short video. It is his commencement speech at Princeton on the 30th year anniversary of his graduation. Enjoy! It should make you think!
House Defeats Motion Supporting Levin’s Latest Misguided Attack on Tax Havens
Just a quick note to draw attention to CF & P article yesterday, by Andrew Quinlan
“While the two chambers of Congress work to reconcile the differences between their respective transportation bills, CF&P continues to monitor an unrelated tax provision known as the “Stop Tax Haven Abuse Act” that was slipped into the Senate version by Sen. Carl Levin, a frequent source of anti-tax haven demagoguery. The Act would grant the Treasury Department new powers under the Patriot Act to compel foreign banks to perform the duties of the IRS by enforcing US tax law, while punishing those who do not sufficiently satisfy Treasury’s demands to enforce America’s counter-product worldwide tax system.” Read more…..
Tax Advisory Panel member Jane Bruno has written another strongly-worded letter to the President about IRS policy on enforcement of the FBAR and “voluntary disclosure.”
I found this posted at ACA. In her letter to President Obama, Jane Bruno expresses “Even though no one in government ever actually responds to my comments, I appreciate that I live in a country where I am free to express my thoughts” and manages to capture what many of us feeling as a result of the US governments ‘Jihad’ against US persons living abroad:
Plea Bargaining, Even When You’re Innocent
One of my favorite news discussion forums, is a PRI program out of KCRW in California. It is a one hour discussion run by moderator Warren Olney, who in my opinion, is arguable one of the best moderators on the radio today. If you like measured, non hyperbolic, low volume discussions from multiple partisan/non partisan perspectives on issues important to America, this is a good candidate for you. To the Point. Continue reading
Phil Hodgen – “Why people expatriate” – A Comment on his post – What about those who cannot certify 5 years of tax compliance?
Cross posted from RenounceUScitizenship.
“Get out while the getting is semi-good. Don’t wait for more time. More time means more laws.”
– Phil Hodgen – “Why people expatriate”
Anybody who reads this blog is surely familiar with Phil Hodgen’s blog. Mr. Hodgen is California based tax lawyer who appears to have moved firmly into the practice of “Expatriation Law” – AKA helping people to renounce U.S. citizenship or get rid of that green card. Mr. Hodgen’s latest blog post about “Why people expatriate” is proof that good things can come from long flights. Speaking of “good things”: one commentator wrote that: Continue reading
Sweepstakes rules discriminate against expats
I received a regular email from Logos Bible Software offering a sweepstakes for a Doctor of Ministry scholarship worth several thousands of dollars. However, on the rule page it states:
Logos Sweepstakes (the “Sweepstakes”) is open only to legal residents of the fifty (50) United States and the District of Columbia over the age of 18 with access to the Internet at all times during the Sweepstakes and subsequent prize-award period unless otherwise specified by Logos.
It seems to me that if the United States expects it citizens abroad to pay their “fair share” of taxes, that there should be laws against discriminating against them in this manner. If they want our money, we should have rights.
I wonder if anyone else has seen rules like this in other sweepstakes or contests.
U.S. trade representative urges repeal of law requiring U.S. to impose sanctions on itself
According to an Associated Press report from Moscow, U.S. Trade Representative Ron Kirk stated in a speech to the American Chamber of Commerce in Russia that “it’s necessary for us to lift Jackson-Vanik”. There doesn’t seem to be any transcript or video of Kirk’s speech, but you can see the AmCham page about the event for more details.
Jackson-Vanik, also known as the Freedom of Emigration in East West Trade provision (19 USC § 2432), disallows normal trade relations with non-market economy countries which “impose more than a nominal tax on emigration or … on any citizen as a consequence of the desire of such citizen to emigrate”. Petros wrote about this provision back in January.
How To Lose Your American Passport
Here’s the story of a renunciation from 2002. What I found especially interesting was the Consul’s rather unprofessional response to the renunciant’s report of his experience. The Consul even scoffs at the renunciant’s claim that “The U.S. does not like people giving up their U.S. citizenship — for taxation purposes.”
How To Lose Your American Passport, by Arudou Debito