FATCA could stand for “For Americans Toiletpaper Costs Alot”.
Tag Archives: FATCA
Are China, Russia, the EU and Switzerland poised to give in to FATCA?
The news of a deal between the 5 major EU governments and the US regarding FATCA came as a major shock to many, including myself, last week. I have now come across news that the EU, now bolstered by the US drive to implement FATCA, has on its agenda to really join US pressure and try to “break Switzerland” as I like to say. On the forums I have also come across posts which have implied that Russia and China are probably not going to resist FATCA either. See everything below.
European Deal could double the pressure on Switzerland with the EU joining the US in violating Swiss sovereignty:
New Regulations Clarify How Non-US Banks Will Find And Report US Customers To The IRS: guest post
The Isaac Brock Society does not endorse tax professionals. However, I have been able to provide the following content, with permission, from Moodys LLP, tax advisors blog. It provides a useful summary of what FATCA will require the FFIs to do to detect the accounts of US persons.
Continue reading
Is the US going to collapse by 2025?
I just finished reading a bit of a “futurist” prediction from Alfred McCoy, a professor at the University of Wisconsin-Madison.
“How America will collapse by 2025“
In it he proposes a series of scenarios under which the “US century” will come to a crashing end, as, he states, has occurred to the UK, France, USSR and countless other empires of bygone years. The scenarios are as follows: Continue reading
Steven Mopsick's blogspot and his latest post
Our new friend, 30-year IRS veteran, Steven Mopsick, has been a really good sport. He’s defended the orcs of Mordor, his former colleagues at the IRS fearlessly, and he’s taken our abuse like a trooper. He’s asked me if I wanted to put up his new post on FATCA, and I said to myself, why the heck not? Meanwhile, go have a look at his blog, especially this little piece, called FATCA Red Herring, which starts with this whopper, “For all the groaning about FATCA, there is one ‘red herring’ which should be given the lie right away, and that is the silly notion that FATCA is an attempt to force the application of U.S. law on foreign financial institutions.” Well, if nearly 400 pages of orcish regulation isn’t an attempt to force U.S. law on FFIs then I don’t know –but wait, these regs still hadn’t come out when Steven wrote that post–so you’re off the hook, Steve–I am being unfair.
Again, caveat emptor! The Isaac Brock Society maintains a non-endorsement policy of tax-professionals (see here). Also, please read not just the post, but the full comment stream.
New Rules For Foreign (Non-American) Banks with American Clients
by 30-year IRS veteran
Is a Certificate of Loss of Nationality really necessary? New FATCA regulations are in gobbledygook
Petros isolates the term “Certificate of Loss of Nationality” (CLN) in the new FATCA rules.
Head of Swiss-American Chamber of Commerce to dual Swiss/US citizens: I advise you to renounce US citizenship
Please find below a very interesting article from Switzerland which a frequent contributor to the site, Skay, has found. I have reposted this here on the main page to increase the visibility of this article.
Skay says (from a post on the relinquishment thread):
If you can read French, a good article just appeared today in today’s Swiss Hebdo entitled “Hounded Americans are giving up their passports.”
In it, the Director of the Swiss-American Chamber of Commerce says, “Double nationals who have no real need of their American passport are well advised to give it up, because it has become too onerous to keep it.”
Treasury, IRS Issue Proposed Regulations for FATCA Implementation – DATCA (lite)
Media Relations Office Washington,D.C. Media Contact: 202.622.4000
www.IRS.gov/newsroom Public Contact: 800.829.1040
Treasury, IRS Issue Proposed Regulations for FATCA Implementation
IR-2012-15, Feb. 8, 2012
WASHINGTON— The Treasury Department and the Internal Revenue Service today issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act (FATCA).
Enacted by Congress in 2010, the law targets non-compliance by U.S.taxpayers using foreign accounts.
Son of FATCA: Carl Levin’s "CUT Loopholes Act" (S.2075) will make normal business even harder for American expat entrepreneurs and all other Americans abroad
Senator Carl Levin, not yet ready to rest on his laurels with the damage he’s done to Americans abroad by sneaking FATCA into the HIRE Act at the last minute, has apparently decided it’s a good idea to decrease American economic activity by making it even harder for Americans abroad, especially expat entrepreneurs, to do business with domestic American suppliers of goods and services. The full text of his newly-proposed “CUT Exports Loopholes Act” is not yet available publicly, but he’s already put out a press release about it. In his floor statement, he described it as a subset of what he attempted to get implemented in the “Stop Tax Haven Abuse Act” (S.1346). Continue reading
FATCA is not Queenston Heights, says 30-year IRS veteran
Speaking out again, 30-year IRS Vet tells us that Isaac Brock was a great guy but that FATCA is not the hill that any of us wants to die on.