A couple of initial completely unscientific nuggets of information I found on this subject.
1. There are a lot of US Citizens living is Israel some of which arrived many years ago and in other cases arrived as recently as a year or two ago. On a per capita basis numbers as high or higher than Canada
Cross posted from RenounceUScitizenship.
Citizenship renunciations are soaring under the Obama administration. In a move that is sure to accelerate this trend, as part of Tax Amendments to Senate-Passed Highway Trust Fund Bill (S. 1813), the ability to get a U.S. passport is now tied to U.S. tax compliance. The provisions are detailed. But, the bottom line is that the issuance and renewal of U.S. passports is now tied to U.S. tax compliance. I suspect that (at least initially) this will affect few people. You should read the complete article (courtesy of ACA). Note the following comments from lawyer Charles Bruce.
Continue reading
It is interesting to note that KPMG is working for the IRS as a consultant. Do you want them to prepare your tax return? They work for the IRS.
The IRS also sees something sinister in moving goods and funds from one country to another:
Transfer pricing is a booming field of global tax law. It involves multinational corporations that are constantly moving goods, services and assets from one subsidiary to another in different countries and how they account for these “transfers.”
“Moving goods, services and assets” is also called, “international trade”.
U.S. IRS forms ‘SWAT team’ for tax dodger crackdown
Cross posted from RenounceUSCitizenship.
There are many firsts in life. These include graduations, weddings, and more.
Anecdotal evidence suggests that few U.S. citizens living outside the U.S. had ever heard of Mr. FBAR (until the mainstream media began educating people). One can’t file, what one has never heard of. That was until recently. Since the fall of 2011, the mainstream media has been educating U.S. citizens about U.S. tax compliance.
Tax and FBAR compliance is a priority for most U.S. citizens living outside the United States. The IRS has still NOT released the “compliance guidelines” that were promised when OVDI was reactivated in January of 2012. This is a major problem. By not coming forward with the promised guidelines, the IRS has become an obstacle to tax compliance. We are well into tax season. In any case, …
One of your most important firsts will be your first FBAR. You spent lots of time preparing for your other “firsts”. This “first” should be no different. Part of your preparation should be how to file those FBARs. Continue reading
Check out this article from the Wall Street Journal.
The following is of particular interest: Continue reading
A couple of days ago, Tim posted the replies received from Canada Revenue Agency regarding FBAR, in response to a lengthy series of questions tabled in the House of Commons by Huong Mai MP (NDP), the NDP Finance Critic and the Vice-Chair of the House of Commons Finance Committee.
People have posted and commented on their consulate visit experiences. This is very useful information, but has been difficult to access as it appears on various threads. So, I have assembled them into a Directory of Consulate Reports, organised by location. I expect to add more reviews over the next day or two as I continue to search past postings, and of course we’ll add new reviews as they arrive.
Keep ’em coming! You can write your consulate visit story on this thread or any other thread (we’ll keep an eye out for them) and we’ll transfer them to the Directory. Thanks to everybody for sharing your experiences! Continue reading
Let Obama class warfare begin!
References Romney 2008 suggestion that the automakers should not be saved. We know who he thinks he is running against.
Check this out.
How can a country do so much to make one want to avoid it?
Roy Berg is a U.S. tax lawyer based in Calgary and has extensive experience representing Canadian residents with U.S. tax and filing obligations. He frequently contributes to the Isaac Brock forums and has recently given several educational presentations at various locations in Alberta. His firm, Moodys Tax Advisors (www.moodystax.com), recorded one of the presentations and has agreed to make it available free of charge to those who have an interest. Several Isaac Brock members have attended these presentations, the reviews of which are available on the various forums.
