Petros isolates the term “Certificate of Loss of Nationality” (CLN) in the new FATCA rules.
Category Archives: Issues regarding US persons abroad
Interesting historical source of US Canada tax information
I found a rather interesting website of a now deceased Vancouver tax lawyer/preparer who at one time dealt with US Canada tax issues. The site has a series of newsletters and question and answers going back to 1993 (This is was in the “day” when there was an IRS attache located at the US embassy in Ottawa who dealt specifically with Canada). I would not necessarily bet my life on information from a dead person that is 15 years old but going through his newsletters (I am still going through starting in October of 1993); he appears to at least have some answers from the then IRS attache in Ottawa that “may” in fact explain some of the situations people find themselves in. The real funny thing is at least as of 1993 the IRS could administratively require anyone living outside the US who hadn’t filed to file returns going back to 1967.(I guess there was a big tax law change back in that year. This was definately before my time maybe Roger would know).
Here is his first newsletter from October 1993 that deals with the filing requirements.
This is the newsletter I am studying right now from March 1994 that talks about dual nationality and loss of citizenship issues.
Eritrea evil; USA good
Guest post: Roger Conklin sends in a couple of links regarding the United Nations condmenation of Eritrea.
Here are a couple of many links on the Internet with respect to this resolution of condemnation. One includes a Video of Susan Rice, US representative on the Security Council, speaking in support of this resolution. The second is the text of the resolution.
Bring Back the Money….
Here is the latest that is coming out of DC on territorial taxation that was just proposed yesterday. Of course, as to be expected, it is Corporation directed in its focus. They are the ‘super persons’ that get all the attention around Congress these days. However, there is language that is encouraging here. I think we need to be writing Senator Enzi, as he is asking for comments. He is stopping short with his efforts, and these measure should include US citizens residing abroad as well. Regional taxation should be for all, not just super persons! In our letters, we can use many of the excellent arguments Roger has provided us as support. The bills title should be… Bring Back the money and create more export jobs in the US with Territorial taxation for all!
"IRS Commissioner Doesn't File Own Taxes: I Find The Tax Code Too Complex" – Interview with C-SPAN
Key quote at 1:10 in the video!
Interesting Columns from Peter Clark
I actually found an interesting columnist at ipolitics.ca named Peter Clark if anyone needs reading material. Nothing he talks about is related to FATCA or FBAR but as a former high level official in the Department of Finance he gives a good idea in many of his columns as to how the US negotiates with many of its trading partners. As he puts it a steel fist in a velvet glove. Much of what he talks about is the US’ “hardline” take it or leave it negotiating stance in something currently known as the Trans Pacific Partnership. Clark is not at all against free trade he is just very much against the US’s hardline negotiating tactics.
Chinese workers front line soldiers in China's new commercial empire
Interesting article in the Globe:
From the jungles of Papua New Guinea to the deserts of Libya, some of the wildest and most dangerous corners of the world have one thing in common these days: Chinese workers.
They are the front-line soldiers in China’s new commercial empire. But as Beijing’s global investment rises dramatically, reaching about $60-billion today, its foreign workers …
Although this is not a direct analogy, it is clear that China treats its foreign citizens much better than the U.S. treats its foreign citizens. Every country except the U.S. views its citizens abroad as ambassadors. This is one more reason why the U.S. is on the decline.
Fifth Amendment II: Two court cases of offshore account subpoenas
An excellent summary of two recent court cases related to FBAR appeared in Novemeber issue of the New York Law Journal and is available online at the web page of the author, Jeremy H. Temkin.
Fifth Amendment and Government’s War on Offshore Accounts (PDF)
The US is Morphing Into East Berlin, by Monty Pelerin
The following is a guest post from Monty Pelerin (used with permission).
I have always considered myself a peaceful, law-abiding citizen. I have never been arrested, obtained a Top-Secret clearance for my duties in military intelligence, have always paid my taxes, never demonstrated for or against any causes, etc. etc. Apparently, my evaluation was incorrect.
Poll: What if you could sell or exchange US citizenship?
I just stumbled across a fascinating article in which a professor at the University of Chicago proposes that US citizenship could be sold for between 50,000-100,000 dollars. The article estimates that around a million people received permanent residency in the US and that that could have produced 55 billion dollars in revenue.