Monthly Archives: December 2013

Help Wanted: International Executives. U.S. Persons Need Not Apply

If you are not a U.S. Person, send in your cv / resume now !!!!

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IRS Publicizes FATCA As Jan 1st Draws Near

Looks like all the banks are “Whistleblowers” now.

IRS vs expats

This is from the FATCA Home Page on IRS web site

FATCA FFI List Resources and Support Information

IRS FFI List
Under the Foreign Account Tax Compliance Act (FATCA), withholding agents must withhold tax on certain payments to foreign financial institutions (FFIs) that do not agree to report certain information to the IRS about their U.S. accounts or accounts of certain foreign entities with substantial U.S. owners.
An FFI may agree to report certain information about its account holders by registering to be FATCA compliant. An FFI that has registered and that has been issued a global intermediary identification number (GIIN) will appear on a published FFI List. The FFI List can be downloaded in its entirety or
searched for specific information (FI name, GIIN or country). Search results can also be downloaded.
Withholding agents may rely on an FFI’s claim of FATCA status based on checking the payee’s GIIN…

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FATCA Headed For Catastrophic Collision

IRS vs expats

This is absolutely the BEST article that I have ever read compiling all the implications and consequences of FATCA. It comes from:
Webcpa News
which can be accessed at:http://www.accountingtoday.com
and is called,

FATCA Losing Its Way

Written by Victoria Ferauge and Lynne Swanson

Awareness of the implications of the Foreign Account Tax Compliance Act, also known as FATCA, is growing.Passed by Congress in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, this extraterritorial law has sparked global fear, confusion, anger and controversy.

Now that controversy has come home. There is growing domestic opposition to FATCA implementation. U.S. lawmakers and banks are fighting reciprocal information exchange promised to other nations like Mexico and Germany. Yet another delay in implementation was announced recently by the U.S. Treasury.

The road to FATCA began with a simple premise: Force foreign banks to disclose income held by Americans in offshore tax havens. In…

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And The Walls Came Tumbling Down – Switzerland Helping IRS Find Tax Evaders

Interesting post on #OVDP for Swiss banks. Author comments on who will be discovered and predicts: “that they WILL NOT BE EXPATS LIVING AND WORKING ABROAD. They will be prominent, seemingly law abiding citizens living in the United States,”

IRS vs expats

swiss flagNo more small potatoes million dollars here and million dollars there indictments. The big times will roll. The biggest net is now being thrown and the biggest fish are about to be caught. This is a big step in tightening the noose around the tax evaders. And I do not hesitate to predict, based on who these criminals have been in the past, that they WILL NOT BE EXPATS LIVING AND WORKING ABROAD. They will be prominent, seemingly law abiding citizens living in the United States, who secretly stash their illegally untaxed dollars in accounts outside the United States

Switzerland and the United States reached a watershed deal on August 29, 2013 to punish Swiss banks that helped wealthy Americans stash money in hidden offshore accounts, closing the door on an era of bank secrecy and tax evasion.

The formal agreement, which was announced on Thursday by the Justice…

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Swiss Banks Tell American Expats to Empty Their Accounts

Interesting article, but most of the comments and the article itself are evidence Americans abroad don’t really understand what’s coming down the pipeline.

World

A few months ago, Geneva journalist Christophe Ungar got quite a shock: without any prior notice, his local bank closed out his mutual funds account, resulting in considerable losses due to the early withdrawal. This was not an inadvertent mistake, but, rather, an intentional move to oust Ungar, a US citizen, from the financial institution where he had banked for years. “When the bank realized I was American, they started treating me like I had the plague,” he says.

This scenario is all too familiar to another American, Geneva financial adviser Anne Hornung-Soukup. Her accounts – including a pension investment fund – were suddenly closed in recent months by her two banks, each explaining in a letter that its services are no longer available to US citizens.

“This really ticks me off,” says Hornung-Soukup, who adds that the forced early withdrawal of her retirement fund meant she had to pay…

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