Monthly Archives: June 2016

Have you filed your FBAR for 2015 yet?

IRS vs expats

You have? Good. Next year you’d better do it earlier because they have changed the deadline, moving it up to the same day as 1040 filing, April 15th. For we expats living overseas, it will actually be well before the automatic extension the IRS gives us. Below is an article written by Roger Russell from the June 16, 2016 issue of Accounting Today which is published online.

He writes, “This may be the last time you see a reminder that the FBAR (Report of Foreign Bank and Financial Accounts) filing deadline of June 30 is fast approaching. That’s because, beginning in 2017, the annual FBAR filing will coincide with the April 15 income tax filing deadline.” This reminds me of the lyrics from a Tom Lerher song entitled Nicolai Ivanovitch Lobachevsky with refer to Tchaikovsky at the age of 10 not playing in the streets of St. Pertersburg like the…

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When it comes to #FATCA and the use of #Americansabroad to plunder other nations: A picture is worth 1000 words

For those who think that there are NO Donald Trump supporters among #Americansabroad in Canada

And see the following discussion at the “The Current” Facebook page:

Q. Who are the #Americansabroad “forced” to renounce US citizenship A. Those who are tax compliant

The above tweet references the following comment on the RenounceUSCitizenship blog that is worth a “stand alone” post:

I renounce June 8. I have not lived in the US at all since 1992. I did know about the ludicrous requirement to keep filing taxes annually and did so. Last year when I moved to France (from Australia), my “non-US person” husband and I opened a joint bank account. I did consider leaving my name off (to stop having to file fbars), but why should the one fact that I happen to be a US citizen dictate simple, everyday, choices like that? So we opened a joint acount. About a week later, the bank called us in–we didn’t know why. Our account representative (yes, a REAL person – in France people are still treated as humans – not as consumers with numbers and no faces) explained that because I had indicated on my application that I had been born in the US, I had to sign a form required by the US. This was the first I had ever heard of FBAR. Being called in and having to sign the form made me feel as if I had been raped by Uncle Sam! Only me–my husband was not a “US person” so no problem with him. That’s when I started really looking into it. And really thinking. Since 1992, when I started filing, things have just gotten so ridiculousy complex, and I can no longer suffer the intrusion on my time, health and freedom. Yes, I am forced to renounce because I happen to live overseas. For me, I had always seen the hypocrisy of the US–I remember in the 70s when I was in high school in the US reading things in the newspaper that the US did, and recognizing that what ‘we’ were doing was so often the exact things that ‘we’ criticized the Soviets for. doing, I could go on. I find that it is the US citizens who are worldly, can think deeply and widely to see various sides of issues (not just “You’re either with us or you’re against us!”) and are HONEST (i.e, file US taxes once they find out it is a responsibility to do so) who are the ones to renounce. Sadly for the US, we are exactly the type of people needed to make a country great in this globalizing world.

The Pot of Gold that Perhaps is Not.

Finally a voice of reason. One day these “High Tax” people may see the value of corporations and other wealth creators. After all, if there were no producers, who would be left to tax?

UNCTAD

It is one thing to distil a complex global discussion on the relationship between tax and development finance, nicely correlated by the OECD as a means of making their work on international tax reform accessible to the proverbial, ‘ reasonable man on the Clapham omnibus’.

It is entirely quite another to draw  unproven linkages which serve to inflame the public against the haves and the have-nots’; while offering no real solutions to funding real and sustainable development. It is not correct to draw a straight line between tax avoidance, which is not illegal; and persistent under-development. This is, at best, indulgent intellectualism; and at worse, one of the causes of the seemingly entrenched  misunderstanding about how international trade and commerce works.

To be clear, I am not speaking about bribery or corruption, those do not fall into the definition of trade and commerce, although these activities have not be untouched by…

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