Roger Conklin wrote: Petros, I forwarded your comments to a friend of mine who is much more conversant in the items you highlighted in your last post. I am taking the liberty of pasting his response to me. He seems to think it is more complicated. His comments are as follows: [My responses follow in blue] Continue reading
DATCA is not Dead! It lives on…
From Accounting Today, Michael Cohn reports that the IRS Issues FATCA Guidance on Reporting Interest Paid to non resident Aliens
The Internal Revenue Service has issued final regulations and guidance on reporting interest paid to nonresident aliens, along with a revenue procedure listing the countries with which the U.S. has a bilateral exchange of information agreement. Continue reading
Congress may give IRS power to revoke passports (Updated)
This story is not new, but Alex Newman has written an interesting article about why it is wrong for Congress to give this power to the IRS:
Still, despite the travel “exceptions,” experts say the whole scheme is unconstitutional and represents a blatant violation of due process rights. “It takes away your right to enter or exit the country based upon a non-judicial IRS determination that you owe taxes,” constitutional attorney Angel Reyes explained to Fox Business. “It’s a scary thought that our congressional representatives want to give the IRS the power to detain US citizens over taxes, which could very well be in dispute.”
A financial expert also told Fox that the unconstitutional provision would apply to an alarmingly high number of people — especially in the wake of the economic crisis. And in the coming years, as jobs continue to evaporate and the value of the dollar continues to sink, more and more people will likely be affected by the travel ban.
IRS Would Revoke Passports for Alleged Tax Debt Under Bill
Thatisme has also found the following article:
No Taxes, No Travel: Why the IRS Wants the Right to Seize Your Passport
It's tax filing day in Form Nation – New HR Block blog offers tax tips for U.S. citizens abroad
Cross posted from RenounceUScitizenship
Life in “Form Nation” (or is it a “waste of a life”) …
Click here to read comments about this video.
PAYING tax always hurts. But America’s tax code seems designed to make it hurt as much as possible. It contains 3.8m words, and was changed 579 times in 2010 alone. Taxpayers must wade through a swamp of gobbledygook: tax compliance consumes 6.1 billion man-hours annually, according to the Internal Revenue Service (IRS). That’s the equivalent of 3m people working full-time, year-round—more than the entire federal workforce. Each year, Joe Taxpayer must sign a thick return that he cannot plausibly understand. And woe betide him if any of its contents should turn out to be inaccurate.
Blame Canada : Who is next in the United States grab for power?
Regular readers of the Isaac Brock Society will probably not be among those who believe that it is inconceivable that the United States will attempt to forcibly annex Canada and that I am nuts for thinking it possible. We are already suffering from capricious treatment at the extra-territorial hands of the United States. Besides, I’ve only stated what is obvious from an historical point of view: What does a nation experiencing severe financial difficulties do if it has a powerful military? More often than not, it begins to plunder its neighbors. Moreover, if something is inconceivable or impossible, it may have a 20% chance of coming true.
Why did they call it FATCA? Because you-know-what was already taken.
Nigel Johnston has made a real comprehensive assessment of what it will take to implement FATCA, obviously something Congress didn’t bother with. When delving more deeply into its workings, there are more questions than answers and a growing frustration with the lack of guidance the US is providing for such a huge undertaking. Do we need any more proof how misguided and irresponsible FATCA is, especially with the current time constraints? I read elsewhere that to do a good job would take five to seven years, and the US wants commitment by 2013! Those 30% withholdings probably look pretty appetizing right now as they are almost within grasp.
Accounting Today, Two new posts on FATCA
Just a quick note to draw your attention to Michael Cohn, of Accounting Today who has been polific in writing about FATCA and offshore tax issues.
He is in the league with Robert Wood at Forbes in providing consistently good articles on the issues at hand. Here are the two links to the two new stories today…
Taxpayers Strained by New FATCA Requirements
NYC CPAs want IRS to clarify FATCA Reporting
I always try to comment if I have the time when I see his stories for the reasons I have explained elsewhere…
The Charter of Rights proves to be Canada’s gift to world – Happy 30th Birthday!
China unleashes the new yuan
China unleashes the new yuan
Monday, April 16, 2012
Loosened restrictions on the nation’s currency to shift trade patterns and build a rival to the U.S. dollarKEVIN CARMICHAEL
WASHINGTON — In a shift that could lead to a reshaping of the global economy, China’s government has loosened the tether on its currency, signalling the determination of the country’s leaders to make the yuan a rival to the U.S. dollar
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20120416/NWCHINAYUAN0416ATL
My Certificate of Loss of Nationality (CLN) has arrived!
I received my Certificate of Loss of Nationality via Canada post (regular mail). It came with an accompanying letter from the Toronto Consulate. It asks me to sign and return the letter acknowledging my receipt of the CLN. The envelope also included my cancelled US passport.
I have some notes: Continue reading