Category Archives: Issues regarding US persons abroad

             Q: Is your money safe with your bank?

             A: No, your bank is safe with your money.

“Banks may take your money to cope with crisis” (The Cyprus Model is adapted globally)

Below is the translation

The question is not if, but when the banking crisis occurs. And then the major banks have the right to take your life savings in order to save themselves and the financial system. The decision was clubbed through recently on the G20 and because of Sweden’s EU membership, Sweden must follow the directives.

The Swedish model had been clear.:When the Swedish banks have financial problems, the banks borrow Swedish state money. The system is called “bail out”. But this changed at the G20 summit in November last year. There was resolved on a new international standard for the world’s major banks. During a crisis, the bank is allowed to take their clients ‘capital, ie individuals’ savings accounts and pension funds, in order to save themselves — so-called “bail-in”.

The risk for savers is obvious, as you can read in the analysis alongside. The new system applies primarily to large banks with implications for the global economy, the so-called Global Systemi- Important Bank…………

https://bancdelasteroideb612.wordpress.com/2015/01/18/bail-ins-enacted-at-the-last-g20-meeting-banks-may-take-your-money-to-cope-with-crisis/

And from Huff & Puff:

http://www.huffingtonpost.com/ellen-brown/new-g20-bailin-rules-now-_b_6244394.html

and “Timeline For “Bail-In” Of G20 Banking System”

This implies that the Dodd Frank and its revisions likely are the implementors.
(In order to implement evil–hide it in the boring.

“How did it happen?

How did we come to a place where an unknown, unelected body of bankers and bureaucrats — chaired since its inception by former Goldman Sachs men — has duped the G20 heads of government into endorsing a scheme to “bail-in” the insolvent private sector banking system by stealing the savings of taxpayers?”………..

http://barnabyisright.com/2013/07/14/timeline-for-bail-in-of-g20-banking-system/

If you want to keep your money safe: bank with us, at

Banc de l’asteroide B612

ALL RESPECT DESERVED

Roger Ver has been a victim of character assassination in the last few days over his renunciation of US citizenship. He has told the public why he renounced, however, and it is because he is a victim of the US Justice system. His story is reveals what happens when you criticize the IRS and the US system of taxation.

Used with permission of the author

Roger Ver’s Journey to Voluntaryism

November 12th, 2012 My road to becoming a voluntaryist began in junior high when I found a copy of the book SOCIALISM by Ludwig von Mises. At the time I hadn’t given politics much thought and was a typical statist who assumed that there wasn’t any reason to limit the State’s power if it was being used to help people, but I also had a vague idea that Americans were opposed to solicalism.

When I initially started reading SOCIALISM I thought it would be a pro-socialist book, but that it would be a good idea for me to hear the other side of the argument. By the time I finished it, I had learned that it is an impossibility for the government to centrally plan an economy as efficiently as the free market. After this book, I was inspired to read other books on economics by Ludwig von Mises, Adam Smith, Fredric Bastiat, Leonard Read, Henry Hazlitt, Friedrich Hayek, Milton Friedman, and just about anything else I could order from Laissez-Faire Books, since this was before the internet was wide-spread. I learned that prices transmit the information required to most effectively allocate resources and that government intervention in the economy is preventing the world from being as wealthy as it should be. The more I read, the more appalled I became at the economic ignorance displayed by politicians and governments around the world. I became frustrated because anyone who spends the time to study economics can learn that nearly everything the government does makes the world a poorer place and that people, especially the poor, would be much better off if everyone were simply allowed to do anything that is peaceful.

Continue reading →

Expats:Opportunity 4 #FormCrime ! $600 fine 4 FTF 8965-coverage exemption form 4 insurance not available yet taxable! http://t.co/5mS4Y7ztYe

— Patricia Moon (@nobledreamer16) January 17, 2015

Yessiree folks, there is a new form that Americans abroad will be required to file this coming tax season. The Individual Shared Responsibility Provision of the ACA “requires each individual to have qualifying health care coverage (known as minimum essential coverage) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.” The forms for reporting coverage, exemptions or making a payment with the federal income tax return can all be prepared and filed electronically.” (of course, expats cannot file electronically).

This is beyond belief! Is anyone in the Congress or the IRS paying attention at all? First, there is a form of insurance for which we are not eligible. Yet, we are liable for a 3.8% tax to fund this insurance from investment income (much of which is likely earned outside the United States). Due to the married-filing-separately option chosen by most since we are married to “aliens”, expats are proportionately more likely to have to pay this tax than Homelanders. And to top it all off, in true American style, if we fail to file this form to receive an exemption for insurance we cannot have yet can be taxed on there is a $600 fine.

Try explaining this to a Homelander! You just cannot make this stuff up!

 

TORONTO Sunday, May 31, 2015
12 noon – 2 p.m. – $20.00
Carr Hall, 100 St, Joseph St.
Toronto ON M5S 2C4 MAP
 
 
NEW!
 
VANCOUVER Wednesday, August 5, 2015
6:00 – 8:00 pm – $20.00
Further details TBA
 
 
Have you received a FATCA letter or been warned of the consequences of being a U.S. person?
 

Why am I getting letters from my bank all of a sudden?

The “FATCA Hunt” – the hunt for U.S. persons (whatever that is) began on July 1, 2014 which was “Canada Day”. Although both the definition of “U.S. person” and whether one meets the definition is not always clear, the search has begun. The level of FATCA awareness has begun. Some organizations are actively warning people that “U.S. Personness” matters. The purpose of the warning is presumably to encourage people to ”come clean” and deal with their U.S. tax situations. In some cases, there is no particular warning – just a letter indicating that they are suspected to be a “U.S. person”. Often one must prove to the institution sending the letter that one is not a U.S. person.
Continue reading →

Nina Olson, US Taxpayer Advocate: 2014 Annual Report to Congress

The Annual Report to Congress creates a dialogue at the highest levels of government to address taxpayers’ problems, protect taxpayers’ rights, and ease taxpayers’ burden.

The report identifies at least 20 of the most serious problems facing taxpayers and offers recommendations to fix them. Some of the issues, like tax reform and IRS’s need to expand its various taxpayer services, affect virtually every American taxpayer. Others, like the Alternative Minimum Tax, refund delays, and tax-related identity theft, impact large groups of taxpayers.

The Taxpayer Advocate Service (TAS), led by the National Taxpayer Advocate, is your voice at the IRS. Some of the problems discussed in this report were first identified when taxpayers came to TAS for help in resolving problems with the IRS.

TAS is an independent organization within the IRS. The National Taxpayer Advocate delivers this report directly to the tax-writing committees in Congress (the House Committee on Ways and Means and the Senate Committee on Finance), with no prior review by the IRS Commissioner, the Secretary of the Treasury, or the Office of Management and Budget.

Download the Executive Summary
Download Volume One
Download Volume Two: TAS Research & Related Studies

… also includes links for specific sections of the report.

Thanks to Neill for this link, which I’m putting into this post, with related comments.

Neill says
January 14, 2015 at 11:23 am
Taxpayer advocate mentions the raw deal earlier OVDP victims had (me):

http://www.taxpayeradvocate.irs.gov/2014-Annual-Report/full-2014-annual-report-to-congress/

Offshore Voluntary Disclosure (OVD) Program Inequities. The report describes the evolution of the OVD program and the disproportionate penalties it says were often imposed, particularly with respect to unrepresented taxpayers. The IRS changed the streamlined program in 2014 in ways that allow many taxpayers to pay lower penalties. However, the new rules do not allow taxpayers who already had entered into closing agreements with the IRS at higher penalty rates to amend those agreements. Therefore, taxpayers who are the most deserving of leniency because they were the first to acknowledge they had failed to comply with foreign account reporting requirements ultimately are paying substantially greater penalties than taxpayers who waited until later to acknowledge their noncompliance. Among other things, the report recommends that the IRS revisit this decision.

Neill says
January 14, 2015 at 11:45 am
The TAS section of OVDP is very reasonable. What they propose could ease the burden of a lot of people (new balance limits indexed to inflation). Changing the closed agreements isn’t going to happen given what we know from the OVDP doc dump. They wanted the money and drove people with uncertainty (that did exist) to accept the deal.

calgary411 says
January 14, 2015 at 12:21 pm
Thanks for the link, Neill. This should be a post.

Two areas (so far) to review for importance to US expats are the sections on Taxpayer Rights and Legislative Recommendation #6 (that you’ve identified), FOREIGN ACCOUNT REPORTING: Legislative Recommendations to Reduce the Burden of Filing a Report of Foreign Bank and Financial Accounts (FBAR) and Improve the Civil Penalty Structure.

Charl has also identified: Robert Wood’s latest at Forbes: National Taxpayer Advocate Slams IRS Offshore Programs & FBAR Penalties, Demands Change

As you know, I refused to fill out a W-8BEN for Scotia iTrade. First, I received a letter. Since then, I missed a phone call which I never returned. And now I’ve received at least two e-mails.

This video, with numerous screen shots from the Isaac Brock Society, explains why refusing to fill out bank paperwork increases the compliance cost for the bank, and effectively thwarts efforts of the banks to come into compliance with FATCA regulations.

Congratulations to the Isaac Brock Society!

A reader here at Brock has approached me with the suggestion of instigating a Human Rights Complaint at the European Court of Human Rights (ECHR). This reader was aware of my involvement with the United Nations Human Rights Complaint against the United States and its policy of citizenship-based taxation which was filed in August 2014. That Complaint is still awaiting discussion at the UN but I am of the firm belief that our issue must be driven home in every possible forum available to us.

In Europe the ECHR is such a forum. The process by which one makes an “application” (the ECHR term for “complaint”) is described in English in a video tutorial available at the right hand side of the web page. The video can also be viewed in other languages.

The process is daunting and not for the faint-of-heart. The United Nations process was a cakewalk in comparison. However, the matter we face as an international community is of the gravest concern and there may be Brockers who reside in EU-member countries who may wish to take this fight to their governments. Continue reading →

Sweden banks, according to an agreement with the Swedish government administration, have begun to map out Swedes according to the place of birth and original nationality.

Nordea bank is currently the most visible bank performing these operations.

The Nordea banking app for mobile phones has been reported to lock up for users, until they answer questions about their birthplace. The app follows up with a question asking what other passports the user has.

Currently, the app allows the user to put off answering the questions until later, but it is not stated as to how long the questions may linger before Nordea requires an answer.

These questions are related to questions required by USA under FATCA, the “Foreign Account Tax Compliance Act”. It assumes that any “US person” living in Sweden is living there in order to avoid taxation. Any person living in Sweden and banking in Sweden must prove to their Swedish bank that they are not living in Sweden for the purpose of avoiding taxation.

Now, Sweden likes to be seen as being politically correct–especially when it is not politically correct……….

https://bancdelasteroideb612.wordpress.com/2015/01/09/sweden-begins-discriminatory-profiling-its-citizens-by-country-of-birth-and-by-national-origin/

or, the short link

http://bit.ly/1DtU3Rb