From the IRS newsroom – released October 7, 2014:
IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements
IR-2014-97, Oct. 7, 2014
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#Americansabroad invade U.S. to pay tax on income and assets not associated with USA
Those tax compliant #Americansabroad who pay U.S. tax are actually "tax invaders!" bc they invade the US to pay taxes http://t.co/E1gTvU7OXW
— U.S. Citizen Abroad (@USCitizenAbroad) October 7, 2014
Some of you may be aware that Kelly Phillips Erb (@TaxGirl) is running a series of “Guest Posts” on topics of interest. The above tweet references a particularly creative and interesting article on the taxation of Americans abroad. I recommend you read the article. I also recommend that you get over to Forbes and comment on this article. You may want to consider this article in light of some of the recent Robert Wood posts, including:
Marilyn’s Letter to President Obama; and
Cautiously optimistic about the @SenMikeLee and Jim Bopp #FATCA Legal Action initiative
This post appeared on the RenounceUSCitizenship blog.
The following tweets reference two great summaries of the AARO FATCA meeting on October 6, 2014 in Paris:
Big news! @SenMikeLee opposes #FATCA and outlines specific steps to achive repeal https://t.co/hn4satz3iQ
— U.S. Citizen Abroad (@USCitizenAbroad) October 7, 2014
@VictoriaFerague post on @AARO #FATCA meeting with @SenMikeLee and Jim Bopp http://t.co/3mNawWpvu0 "There is a tide in the affairs of men"
— U.S. Citizen Abroad (@USCitizenAbroad) October 7, 2014
This is excellent and welcome news. What I particularly like are the specific reasons given for his opposition to FATCA and making his thinking the juridical basis for Jim Bopp’s FATCA Legal Action lawsuit.
As an aside – could it really be true that Senator Lee is the only “Constitutional Scholar” in the Senate? Also of note, is that Senator Lee’s father Rex Lee, served as Solicitor General under President Reagen.
It appears that Senator Lee has joined Senator Rand Paul as the first American politicians to actively oppose FATCA.
Welcome news indeed!
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U.S. dollar FX Rates give and take – falling Canadian dollar a benefit for #Americansabroad renouncing
This post appeared on the RenouceUScitizenship blog.
Video: The Canadian dollar could tumble to 83 cents next year http://t.co/ynDaVNZGQs – good for #Americansabroad renouncing US citizenship
— U.S. Citizen Abroad (@USCitizenAbroad) October 6, 2014
Almost two years ago to the day, I wrote a post explaining how:
Those wishing to understand how exchange rates affect possible U.S. capital gains liability for Americans abroad should revisit that post. The “Readers Digest” version is as follows:
1. For the purpose of U.S. taxes, all transactions are converted to U.S. dollars (using the applicable rate at the time of the transaction);
2. The result is that fluctuating exchange rates can generate “phantom” capital gains and losses, which can generate U.S. tax liability for Americans abroad.
As the Canadian dollar rises in value, fewer Canadian dollars are needed to purchase a U.S. dollar. The capital gains measured in U.S. dollars would increase.
As the Canadian dollar falls in value, more Canadian dollars are need to purchase a U.S. dollar. The capital gains measured in U.S. dollars would decrease.
The Canadian dollar has fallen by about 10% in the last two years. The above tweet references a video suggesting that, the decline of the Canadian dollar or (as a Homelander would say), the strengthening of the U.S. dollar is EXCELLENT for Americans in Canada considering renouncing U.S. citizenship.
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What introductory articles on FATCA do you recommend to your clueless friends?
A friend of mine sent me a private message on Facebook:
Hey, if you have an introductory article for us Americans who are clueless about FATCA, let me know and I’ll send it around.
I considered sharing with him Daniel Mitchell’s article:
Is FATCA the Worst Part of the Internal Revenue Code?
However, I wonder what others might recommend to their clueless American friends. Which article would you recommend for your clueless Canadian or French or Swiss or other friends?
And speaking of Facebook, it would be good to network on social media. Have you considered liking the Isaac Brock Society on Facebook, or requesting friendships with such people like Petros? Then, you can share FATCA/FBAR/Renunciation articles with your social media friends.
From The Desk of John Richardson – Co-Chair ADCS-ADSC.ca
From The Desk of John Richardson – Co-Chair ADCS-ADSC.ca http://t.co/mu7V1612yP
— ADCSovereignty (@ADCSovereignty) October 1, 2014
From The Desk of John Richardson – Co-Chair ADCS-ADSC.ca
September 29, 2014
Greetings:
As we reach the end of September it occurs to me that we are reaching the end of the first four months of active fundraising. I thought it would be good for the Directors of ADCS-ADSC.ca to create a blog to communicate with you easily and directly.
We live in exciting times. Our “Stop FATCA” project is certainly exciting. It is also exhausting and full of emotional “ups and downs”.
Our lawsuit started several years ago with an idea. It was an idea based on what “concerned Canadians” could/would do if the Government of Canada:
– Under threat of economic sanction “agreed” to implement FATCA in Canada (the Canada-U.S. FATCA IGA was signed on February 5, 2014); and
– Changed Canadian law (as per the IGA) to implement the U.S. FATCA legislation in Canada (the Government of Canada did this prior to the July 1, 2014 deadline).
Read more here.
Social Media toolkit
Hello Brockers!
As you all know, we will soon be hitting crunch time for our legal bill, that comes due on November 1st. I know many of you feel that you would like to be able to do more, along with digging into your pockets for your hard earned cash.
Therefore, I am putting together a small social media toolkit for those of you on Twitter and Facebook. Please post and repost these images (links below) widely, and ask all your friends to share, share, share (and donate as well)!
Here is some sample text that you could use in the posts, but please feel free to use your own words and be sure to include the link to our website:
YOU CAN HELP DEFEND Canada’s sovereignty. Don’t allow the US Treasury to dictate our laws here in Canada! Help Ginny and Gwen fight the Canadian government capitulation to #FATCA. Please DONATE to the legal fund at www.adcs-adsc.ca. Thank you!
Republicans Overseas #FATCA video: Explains the FATCALegalAction.com lawsuit
#FATCA – what it is, why it needs to be repealed and what you can do https://t.co/ZNVqntUS2S – Republicans Overseas outlines their lawsuit
— U.S. Citizen Abroad (@USCitizenAbroad) September 28, 2014
They also reference the Canadian lawsuit against the FATCA IGA launched by the Alliance For The Defense of Canadian Sovereignty
.
The New Berlin Wall
“I think this fence business is designed and may well be used against us and keep us in. In economic turmoil, the people want to leave with their capital and there’s capital controls and there’s people controls. Every time you think about the fence, think about the fences being used against us, keeping us in.” Ron Paul
Have you made voiced your concerns re the U.S. Department of State Renunciation Fee Hikes @ http://www.regulations.gov?
I am making a post of this comment by Muzzled No More.
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Could I suggest that Brockers make comments at the following link.
http://www.regulations.gov/#!documentDetail;D=DOS_FRDOC_0001-2956
Comments on the fee-hikes for consular services are being accepted until Oct. 21.
I am unable to do so (still Muzzled in some regards) but if I could, my comment would be as follows:
“It is every American’s constitutional right to renounce his citizenship. As a right, renunciation of citizenship should be free of charge or, at worst, available at an extremely nominal fee, certainly no higher than the “user-pay” fee one would be charged for a passport. A $450 fee was bad enough. For many citizens, the new fee of $2350.00 has priced renunciation beyond their ability to pay. The $2350.00 fee effectively denies them their constitutional right to renounce.
“Renunciation of citizenship is a right guaranteed to all, not a privilege reserved for a few. As such, the US government *must* provide the necessary service at no or low cost. If a renunciation application actually costs the State Department $2350.00 then it is its responsibility to simplify its procedure thereby reducing those costs.
“Perhaps a lesson can be taken from the German government’s renunciation procedure. The application form is available online. The applicant fills out the form and mails it in with certified copies of a couple of documents. No fee. No in-person interviews. No fancy ceremonies. The renunciation is considered in effect when a certificate is received by the applicant. Simple. Efficient. Cost-effective. There is no need for the complexity with which the US State Department’s process is currently burdened.”
If anybody wants to submit that comment under their own moniker I’d be delighted!
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“ricard” notes:
At the site you mention one can submit a comment with complete anonymity. There is no requirement to give any name. I mention this in case anyone else has been put off from commenting by thinking it is necessary to give real identification. Take you chance.
I am inclined to feel trusting. I do not think they will be recording IP addresses and hunting down people whose comments they don’t like.
It surprises me that they are only showing 34 comments received.