Came across this great article and initiative:
FREDERICTON – Some American-born New Brunswickers are looking to bolster opposition to a threat of stiff penalties for dual citizens who didn’t know they had to file income tax returns to the United States.
Though the U.S. Internal Revenue Service law has been on the books for decades, enforcement of the U.S. Foreign Bank and Financial Accounts filing requirements (FBAR) is relatively new. The requirement obligates people with American citizenship to report assets in foreign accounts that are worth more than US$10,000. It includes everything from pensions and registered retirement savings plans to stocks and bonds.
As it stands, those who made a voluntary disclosure to the IRS during a recent voluntary disclosure period could be subject to a penalty of between five and 25 per cent of their assets.
“I’m awake at night thinking about what we’re going to have to pay,” says Marie Cashion, a retired University of New Brunswick professor who is rallying fellow expatriates to voice their opposition to the move.
Adding to the concern is the looming implementation of the U.S. Foreign Account Tax Compliance Act that takes effect in 2014 and will require foreign banks to disclose information about foreign accounts held by U.S. citizens.
“It’s outrageous and unjust. I think it’s a money grab. To me it’s unbelievable,” said Cashion, who is holding an information session at 7 p.m. Monday, Nov. 28 in Room 261 of D’Avray Hall at the University of New Brunswick. The meeting is meant to inform and marshal the thousands of New Brunswick residents who could be affected.
“I feel betrayed by my country. Although we’re U.S. citizens, we don’t really receive U.S. services and we pay taxes here,” Cashion said.
Read the complete article here: