The Congressional Progressive Caucus’ “Budget for All”, which would have repealed the Foreign Earned Income Exclusion, was voted down by 78–346 last week. It was formally proposed as Amendment 4 to H.Con.Res. 112; OpenCongress.org has the roll call. The House passed Paul Ryan (R-WI)’s budget instead. However, regardless of the failure of the “Budget For All”, Americans Abroad Caucus members who voted in favour of it still owe an explanation to U.S. persons abroad.
Tax Lawyer to the Stars Sees Problems with International Tax Enforcement
David Hryck, a tax lawyer for celebrities and billionaire businessmen, is concerned about the IRS’s recent efforts to crack down on international tax evaders.
“In many cases, from what I’ve seen so far, they’ve had numerous voluntary compliance programs, but it seems like the innocent people are getting penalized,” he said. “They might have somebody whose mother or grandmother is not a U.S. resident, and if the children happened to be a U.S. resident or citizen, they had no idea this account existed. Unfortunately those are many of the cases I see.”
Tax Lawyer to the Stars Sees Problems with International Tax Enforcement
FATCA freight train- It's taken two years but it seems its whistle is finally being heard.
Has anyone else noticed the uptick on the number of articles relating to FATCA from those in the finance industry? In his weekly bulletin “Mountain Vision”, Frank R Suess, with help from Bernarda Pesantez, does a great job explaining to his “mountaineers” the painful truth about FATCA. Don’t miss the news briefs at the end.
http://www.mountainvision.com/newsletter.php?view=a8baa56554
UVic Professor from US denied permanent residence because autistic child deemed too expensive to Canadian health system
Has anyone else here seen this story in the media? It seems like faulty reasoning for CIC to say that an autistic child would over-burden the health care system when so many other immigrants with health problems get into the country easily, or even sponsor their elderly parents who may have a host of health issues.
Maybe I’m reading too much into this, but I feel like there is something else going on in the story that Immigration is not telling the public. What do you all think? Is there anyone out there who knows more details? Anyone care to offer up theories as to why this professor and his family were denied? I have a couple of my own, but I’d like to know more before saying anything…
There’s a bit more scope in this article here:
FATCA could send fund groups ‘back to the dark ages’
Switzerland seeks arrest of German tax collectors
Switzerland has issued arrest warrants for three German civil servants, accusing them of industrial espionage for buying the bank details of German tax evaders, the finance ministry of the German state of North Rhine-Westphalia (NRW) said on Saturday.
Switzerland seeks arrest of German tax collectors
The real probability of a FrankenFATCA
Author implies that the US has a method to their madness in the implementation of FATCA:
To have been a fly on the wall during these conferences yesterday and today
PEQ and the Associationn of Foreign Banks in Switzerland hold FATCA Conference 2012
An early April Fools Joke
U.S. Corporate Tax Rate Becomes Highest on April 1
Michael Cohn continues to put up interesting and good stories on Accounting Today. If you are like me, I never thought I would be reading a publication like this. I never took an accounting class in my life. I basically hate numbers analysis, but can do it if I have too! That is just another drudgery… The Drudgery of the Numbers. Anyway here is the link to the story for your weekend reading. Continue reading
U.S. Tax-Evasion Probes Said to Slow as Prosecutors Transfer
The U.S. Justice Department has lost almost 30 percent of its tax prosecutors in the past month, slowing a U.S. crackdown on offshore banks that enabled tax evasion, according to four people familiar with the matter.
Two sources. Bloomberg Story and this from Mainjustice.com Continue reading