Petros responds to Steven J. Mopsick, 30-year IRS veteran latest comment, that some Canadians have probably found that the Overseas Voluntary Disclosure Initiative penalty of 27.5% is actually quite a good deal, since these Canadians are tax cheats and frauds. UPDATE: Steven J. Mopsick responds with a Jack and Jill scenario of a wealthy montréalais couple with a Swiss Bank account.
Category Archives: Issues regarding US persons abroad
Press Release by American Citizens Abroad (ACA) – New Residency Based Taxation Proposal
American Citizens Abroad (ACA) Launches Residence-Based Taxation Proposal in Washington
Director Discusses Plan with Members of Congress, Joint Committee on Taxation
GENEVA – February 20, 2012: The Director of American Citizens Abroad (ACA), a non-partisan, non-profit organization representing the interests of U.S. citizens living outside the United States, today announced a new tax reform proposal unveiled with policymakers in Washington, D.C. These reforms are aimed at increasing American jobs, exports and competitiveness, as well as addressing the specific tax situation of Americans residing overseas.
FATCA draft regulations: exemptions for pensions
From the Globe …
From the Globe & Mail: China cuts U.S. Treasury holdings:
Is China falling out of love with U.S. Treasuries?
(Note: you will need to scroll down to the section discussed here.)
United States Consulate in Vancouver: Procedures for Renunciation of Citizenship
A reader sent me the Outline of the Process for renunciation at the US Consulate in Vancouver.
Also a reader made the following comment at my post, My April 7 visit to the US consulate:
FATCA fever reaches Hong Kong
Hong Kong has occasionally scared public health authorities in the United States with acronyms like SARS and H1N1, but now the U.S. is attacking the world’s financial health with a far more dangerous acronym: FATCA. The Hong Kong Economic Journal — the Financial Times of the Sinophone world, roughly speaking — ran a FATCA-related interview with Jennifer Wong of KPMG in this morning’s paper, on page A7. I’ve translated it below.
On the "Simple" Extension of the 2% Reduction in Payroll Taxes
I got this email today, and I could not resist the temptation to put it up here. It is yet another example of sausage making in DC, and why a 72,500 page tax code is going to soon be over 73,000 pages…
It's more important that the guilty be punished than the innocent be free – what would John Adams say?
The simple fact of the matter is that the current U.S. government will “pay any price, bear any burden and create any foe (including 6 million U.S. citizens residing outside the U.S.)” in order to catch U.S. residents who use offshore accounts to evade taxes. The U.S. government is a government of great principle. It’s just that it uses the wrong principle.
Three Recent News Items Translated from the Swiss Press
Tracking Foreign Tax legislation in Congress
Renounce tweeted this evening about Congressman Tierney’s proposal to do away with the Foreign Income Exclusion. That caught my eye, and so I inquired of Andy Sundberg and ACA. If you wonder why the Tax Code is over 72,000 pages, after you read this information he sent me, you will wonder no more.. Continue reading