May we please continue with the work in the Press Release Thread? I suggest we finalize, please vote.
Category Archives: Issues regarding US persons abroad
Passport confiscation supporter Harry Reid “cautiously optimistic” about highway bill
Here’s an update on S. 1813, the “highway bill” which would ban credit cards and wire transfers from non-FATCA banks and confiscate passports of U.S. Persons abroad who refuse to pay thousands of dollars per year to accountants to file forms like 3520, 8621, and 8858 that no one in the Homeland has ever heard of.
In the past few weeks, while we’ve all been distracted by Eduardo Saverin’s renunciation and the Ex-PATRIOT Act, Congress has been quietly continuing its efforts to gnaw away at the other rights of U.S. Persons abroad. On 8 May, the House and the Senate held the first meeting of their joint Surface Transportation Conference. The conference aims to achieve bicameral agreement on a “highway bill” before the 30 June expiration of existing transport funding measures. According to an article in The Hill, Sen. Harry Reid (D-NV), the author of the passport-confiscation amendment (S.A. 1761), is “cautiously optimistic” that the Conference can make that deadline.
US Citizens: Do Your Tax Duty
As if it’s not enough to have Schulman, Schumer and many others telling us how we should have life-long financial servitude to the United States, now Winnipeg Free Press headline demands: U.S. Citizens Living Here: Do Your Tax Duty
The author even reminds Canadian snowbirds of their obligation to dear old Uncle Sam:
“Just to be clear, this applies to Canadian citizens who are winter vacationers in the United States, including the vast majority who have never worked in the U.S. and do not earn any money there.”
And, then he goes on to give some insightful advice to Canadians earning a living in U.S.
“Speaking of Canadians working in America, I think it will be the L.A. Kings in five or six games.”
Hockey?!? Not one word about the massive penalties Canadians and other immigrants to U.S. can face if they don’t report on their retirement or other savings in their home countries.
The author is a fee-for service financial planner. I don’t think I’ll hire him anytime soon.
Anyone willing to engage one of the architects of FATCA?
Today I got curious about who actually designed this horrific albatross around our necks called FATCA. I found out that one responsible person is J. Richard (Dick) Harvey, who proudly says he was one of the architects of FATCA. He has published an article that discusses his perception of FATCA, how it came to be, issues with it and what he sees as recommendations needed to make FATCA successful. His article consistently refers to “tax cheats” (29 times), and there is no discussion of how this would affect regular, normally law-abiding people. He argues extensively for GATCA. His paper, Offshore Accounts: Insider’s Summary of FATCA and Its Potential Future’ can be found at:
2011, not 1997, had the largest number of reported expatriates
Over on the International Tax Blog, it was reported that 1997 had more Americans renouncing their citizenship than in 2011 (1,812 versus 1,781). I was very skeptical of this number and it was Tim who finally gave me the information needed to solve this riddle. He linked to a GOA report that mentioned in passing what happened. First, the IRS keeps a CLN (Certificate of Loss of Nationality) database. (that would be an interesting FOI request). 1994 was the last year the IRS was tracking CLNs by year. By the time they were required to track this again (the 1996 HIPAA law), they couldn’t distinguish the data from 1995, 1996 and 1997. The GAO report states that they reported these renunciations in a group.
Thus, each of those three years had, on average, 604 renunciations, making 2011 the largest number of American renunciations in history. As you can see from the graph below, the numbers now look “correct” and there is, indeed, a sharp upswing in the number of Americans renouncing their citizenship.
I have expanded a bit on this explanation at the Overseas Exile blog.
Thank you from a Fellow Brocker — We’re all in this together!
Greetings to All from Julian (especially Just Me, FromtheWilderness, Blaze and Em after their recent speculation on whether or not Julian was a “Brocker” and their invitation for Julian to join Isaac Brock if not).
I have just noticed all the comments about me at Isaac Brock and want to thank all of you for your kind words. I can’t do so without giving up my identity, either under my Brock pseudonym or by opening another account under my real name, so I am asking calgary411 to be my go-between.
I (calgary411) have the pleasure of knowing Julian and count him as a special friend through all of this. I, too respect the many literate comments (virtually well thought-out essays) Julian has tirelessly posted on countless media news stories (and here), to the benefit of us all. I’m glad to do this for Julian.
I count myself amongst the number here – and am especially indebted to all of you for your insights, hard research and personal thoughts so willingly shared. We are all in this together, working for one goal! Isaac Brock has been one of the few bright spots in this whole mess.
I (calgary411) second that, Julian. Don’t we all know that!
Words to Avoid in Posting?
The Daily Mail in the UK has published a list of words monitored by department of Homeland Security. Many of them are used on this site quite regularly (and innocently). People have often wondered if the IRS is monitoring the site, perhaps it’s not just the IRS but the DHS, as well.
“The Department of Homeland Security has been forced to release a list of keywords and phrases it uses to monitor social networking sites and online media for signs of terrorist or other threats against the U.S.”
Words include Mexico, disaster, jihad, law enforcement, collapse, plot, closure.
The conscience of a lawyer and “The FBAR Fundraiser”
Cross posted from RenounceUScitizenship.
Having a license to practise law (bar admission) does not a lawyer make.
Admission to the Bar, gives an individual the legal right to conduct oneself as a lawyer. A lawyer operates within a specific construct of ethics and morality. The American Bar Association Model Rules of Professional Conduct make it clear that
A lawyer has an obligation to the client that is more important than loyalty to any other person or entity. This principle is made clear in Rule 1.7 of The American Bar Association Model Rules of Professional Conduct. Rule 1.7 clarifies that a lawyer should not act for a client if there exists any conflict of interest. It reads as follows:
Continue reading
Roger Conklin asks, “Is Romney an accidental Mexican Citizen as reported?”
Since Arrow has been having fun at the Vancouver Sun, with his “What if” scenario of Kenya adopting the U.S. citizenship taxation regime, why stop there? Roger Conklin suggests that maybe we could get Romney’s campaign attention on a similar issue that may relate to him. Continue reading
Compliance counseling is like a box of chocolates – “You never know what your gonna get” – Circular 230 vs. the fiduciary duty to the client
Cross posted from RenounceUScitizenship.
The Isaac Brock Society is becoming a interest place to “hang out”. At least this is true for many U.S. citizens living abroad who are desperately attempting to ensure that they are in U.S. tax compliance Many people are grappling with how to be compliant on a “going forward” basis. Others are trying to figure out to deal with “past compliance issues”. There are of course a number of ways to come into compliance. What all these people have in common is a desire to be U.S. tax compliant. Yet, the IRS seems hell bent on continuing on treating U.S. citizens living abroad as though they are tax cheats. For many U.S. citizens living abroad the emotional strain is such that they are driven to renounce U.S. citizenship. This is the price of a good nights sleep.
So, what’s a poor U.S. citizen living abroad to do? Well, they consult a “cross border professional” where they get advice that comes in all shapes, sizes and perspectives. The advice is so varied that it reminds me of the line in Forrest Gump:
“Life was like a box of chocolates. You never know what you’re gonna get.”
When it comes to “compliance counseling” – You never know what you’re gonna get.” Continue reading