I am posting this information highlighted in comments by Edelweiss and Innocente.

@Edelweiss: Excellent news. Each delay is another nail in the FATCA coffin. Bloomberg, AP and other news wires need to pick up this story.

Bank groups seek more delay in offshore anti-tax evasion law

The actual request letter: Request for Additional Extension of The FATCA Phased Timeline

Reuters says that four bank lobbying groups (the American Bankers Association, the Clearing House Association, the Institute of International Bankers, and the Securities Industry and Financial Markets Association) have asked for a six month delay to the implementation of FATCA. The letter is located here. The primary driver appears to be the fact that the final regulations and forms aren’t available. They are assuming these are available by 31 Dec 2013 which would give the industry just 6 months to finalise implementation when they had stated that 18-24 months were needed. A six month delay would give them 12 months instead of the 18-24.

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From Shadow Raider:

Sorry, folks, the big news didn’t come today. The draft only deals with corporations.

However, the end of the summary says:

“The staff discussion draft does not address the international tax rules addressing individuals, whether for U.S. citizens living overseas or foreign nationals moving to the United States. The Chairman’s staff is considering reforms to simplify the rules in this area while appropriately taxing such individuals. Comments are requested regarding the scope and mechanics of reforms in this area.”

“All comments should be submitted to tax_reform@finance.senate.gov. While comments will be accepted at any time, the staff requests comments by January 17, 2014, in order to be able to give them full consideration.”

Sigh. All right, so they haven’t decided what to do about individuals yet. I suppose we should send the same or similar comments as those sent to the Ways and Means Committee earlier this year. This time it’s to the Senate Finance Committee. I’m planning to send them my latest suggestions, with perhaps some updates.

I know this is frustrating, but at least they mentioned the topic and are looking for detailed ideas.

I think this news should be in a new thread.

http://www2.macleans.ca/2013/11/18/on-being-canadian-and-how-freeland-could-have-responded-to-mcquaig/

Excerpt:

There was one side of Freeland, in particular, that McQuaig kept poking: Her supposed un-Canadianness. “Toronto is my home, I’ve lived and worked here all my life,” McQuaig noted in her opening remarks. It was a clear side swipe at Freeland, who’s been abroad for years in Russia, the U.K. and the U.S., and settled down in Toronto Centre only recently. Later on came McQuaig’s straight-out jab: “You’ve been there in Manhattan, hanging out with the rich,” McQuaig told Freeland, speaking, for those in the know, about her competitor’s former gig in New York and her recent book on the ultra-rich.

I suspect Freeland chose not to respond in kind. Because if she’d wanted to, there was an obvious line of attack. For all her fondness of being a true Canadian and disdain for hanging out in Manhattan, McQuaig has publicly praised a controversial U.S. law that might end up encroaching on the constitutional rights of a good many Canadians, including, possibly, Freeland and her family.

All I have to say is welcome home. Our previous disagreements with Ms. Beale go way back to the earliest days of Isaac Brock Society back when it was just myself, JustMe, Petros, and a few others(I think Joe Smith was one too).

http://ataxingmatter.blogs.com/tax/2013/11/fatca-agreement-with-france.html

http://ataxingmatter.blogs.com/tax/2013/11/irs-will-issue-summonses-for-offshore-bank-account-info.html

In the second post you can see Ms. Beale is quite dismissive of the recent spike in expatriations not surprisingly of course to those who remember old times at IBS.

Debate takes place 18 November, 7:00 – 9:00 pm, Don Mills United Church, 126 O’Connor Drive, Toronto.

Read more about it on Brock …  All-Candidates Debate on FATCA Toronto Centre November 18 

Toronto Centre Greens Reply to Protest and CBA Letter E-mails

Five Toronto Centre Candidates Invited to our November 13-14 Protest

#TorCen candidate @CAFreeland writes on global citizenship

and at the Toronto Centre Debates website …  http://torontocentredebates.wordpress.com/

Queen Noor is a US citizen, she’s wealthy, she is not filing her U.S. tax returns, hasn’t filed FBAR and hasn’t been paying U.S. taxes.  Yet her tax evasion is honored by the IRS and many stateside Americans who frequently express great hostility against the middle class Americans living abroad, but never lift a finger against some wealthy tax evaders like Queen Noor.

She claims that she lost her U.S. citizenship, but the claim is invalid. To no longer be a U.S. citizen, one must officially renounce or relinquish at an embassy and demonstrate 5 years of tax compliance.  There is no such thing as an automatic loss of U.S. citizenship.

Lisa Halaby, daughter of a Pan American World Airways executive, became a Jordanian citizen when she married King Hussein in 1978. She says she automatically lost her U.S. citizenship but never renounced it.
Time – Queen Noor

As noted on other threads, on November 6 I sent an email to five Toronto Centre candidates concerning our current demonstration outside the Metro Convention Centre in Toronto. Yesterday I sent emails to the same candidates, transmitting to them the joint Brock/Sandbox letter to CBA and reminding them both about our demo and about the FATCA-centred debate being organized by Toronto Centre Debates for November 18.

I received yesterday (but only got to my email today) a reply to these emails from the Green candidate. Several days ago I got a reply from the Progressive Canadian candidate, who has been in touch with IRSCompliantForever and who I understand may attend our demonstration. At this moment, I have received no replies at all to either email from the Conservative candidate (Geoff Pollock) nor the Liberal candidate (Chrystia Freeland), and all I have from the NDP candidate (Linda McQuaig) in reply to my second email is a standard robo-reply thanking me for my email, promising it will be forwarded to an appropriate person,  and asking me for a donation. Conclude from all this as you will, Toronto Centre voters. And pass the word around.

The full text of the reply from John Deverell, the Green candidate for Toronto Centre, is as follows: Continue reading →