Monthly Archives: March 2014

Guess who warned of the #FBAR Marriage in 1970?

The Globe has a really nice description of this here.

 

The Globe and Mail includes it’s daily “A moment in time”. On March 21, 2014, the Globe noted that on March 21, 1970, the song “American Woman” was released as a single. Along with the picture it included:

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Would renouncing US citizenship but retaining US nationality be a solution to CBT?

 

Shadow Raider says

Due to the extreme difficulty in having a decent discussion about CBT with Congress, I decided to start a plan B. I’m not abandoning the RBT proposal, but I see that it’s going to take a long time, so I came up with an alternative that may work in the meantime. I’ll explain it below.

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Legal Immigrants next in line for their #FATCA Whoopin’ from the #IRS

Not only is the problem the draconian penalties associated with the FBAR form, which could reach as high as 300% of a person’s assets, a problem exists in the OVDP (Offshore Voluntary Disclosure Program) plea bargain program, where innocent persons are herded into accepting “only” a 27.5% penalty upon all of their financial assets located in their home country, simply for not having known that they should have filled out a form upon them.

They’re Coming Out of the Closet

Good summary of some very topical news – the effect of the Levin inquisition.

IRS vs expats

It’s like the proverbial closet filled with mementos, trinkets, and old junk in addition to clothes not worn for years. And when it is opened, everything literally pours out. Today in Accounting Today for the Web CPA, there are three articles about Americans (no doubt continental america based citizens and NOT expats) and their previously hidden habit of hoarding their dollars in Swiss bank accounts so as to avoid paying taxes on their oft ill gotten millions.

The first article entitled, Credit Suisse Hearing Likely to Drive New Taxpayer Confessions implies that the ongoing Senate hearings about the IRS investigations of Swiss banking will bring about tax lawyers advising Americans who have been evading taxes through Swiss bank accounts to come forward and confess. Apparently up to 500 people each month are doing just this. Wow!!! There must be a lot of lying cheating stealing tax evading Americans in…

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Pushing Back Against “The Worst Law You’ve Never Heard Of”

Forcing foreign financial institutions or governments to collect data on American citizens and transmit it to the IRS—at their own expense, yet—does not go over well in foreign capitals. It has already drawn the ire of Canada’s Finance Minister Jim Flaherty for requiring Canadian banks to become unpaid extensions of the IRS and jeopardizing Canadians’ privacy rights.

IRS vs expats

This is an article written by Abe Katsman for the Jerusalem Post. It deals with FATCA and, as we mentioned previously, a move is underway by the Republican party to repeal the law. This article is reprinted with permission of the author’ brother, Aaron Katsman, from his interesting and informative website, http://www.gpsinvestor.com. For more insightful political analysis check out Abe’s blog as well as Aaron’s website and book (see below).

The looming United States Foreign Account Tax Compliance Act (“FATCA”), intended to prevent tax cheating, is known as “the worst law you’ve never heard of.”  But unfamiliar as the name is, the effect of the law is already all-too-familiar to Americans living in Israel.  Law-abiding Americans facing U.S. reporting requirements of their Israeli financial accounts, or who have been denied banking or financial services due to American citizenship, have already felt its impact.

 The law’s onerous provisions are scheduled to…

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AXA Bank Cuts Ties to American Persons

Send your testimonials on any difficulties you may have encountered with banks due to being an American person to the American Citizens Abroad website’s secure portal. These accounts are essential for raising awareness about this issue in conversations and hearings with our elected officials.

IRS vs expats

AXA Bank, a leading French bank, has officially announced that it is stopping all banking relationships with American citizens.  Expensive compliance costs caused by FATCA are cited as the reason. There is a procedure to appeal to the Banque de France, which states that “all individuals resident in France have the right to open a bank account”.

Send your testimonials on any difficulties you may have encountered with banks due to being an American person to the American Citizens Abroad website’s secure portal.  These accounts are essential for raising awareness about this issue in conversations and hearings with our elected officials.

Another way you can help is by responding to journalists who are increasingly interested in hearing stories of average citizens living abroad who are being affected:

Associated Press’ Adam Geller
National Writer
The Associated Press
450 W. 33rd Street
New York, N.Y. 10001
T: 212-621-6919
ageller@ap.or

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