https://twitter.com/USCitizenAbroad/status/647391630773751808 This is really worth a watch. By the way, the prevailing view is that the Homeland does NOT care about how FATCA affects Americans abroad.
Those who went into #OVDP treated more harshly than those who waited for #Streamlined, etc. http://t.co/1eWZEoSH9N – What's the message? — U.S. Citizen Abroad (@USCitizenAbroad) August 5, 2014 A recent post described the unequal treatment under OVDP – that is the reality that “minnows” who entered the program paid proportionately more than “whales” (who the program […]
Originally posted on Offshore Voluntary Disclosure – Critique:
Unequal treatment: Apparently, U.S. taxpayers holding smaller offshore accounts who entered the first IRS limited amnesty program paid proportionately higher penalties. The above chart is the focal point of the GAO Report article
Originally posted on The Tax Wars Blog:
An article in the Wall Street Journal on July 19, 2014 by John Letzing (“Taxpayers Get Incentives to Report: Swiss Banks Aim to Entice Americans to Disclose Accounts to IRS by Helping Cover Costs, Penalties”), reveals what many professionals have known for a while. Some Swiss Banks are…
Originally posted on TAXLITIGATOR – Tax Controversy (Civil & Criminal) Report:
For more than a year, numerous taxpayers with previously undisclosed interests in foreign financial accounts and assets have been seeking participation in the current IRS offshore voluntary disclosure program (the OVDP) which began in 2012, modeled after similar programs in 2009 and 2011. Taxpayers…
WHERE DO ALL OF THESE RULES COME FROM? WHAT CONGRESSIONAL LAW CREATED OVDP? WHAT CONGRESSIONAL LAW CREATED PENALTIES FOR SENDING MONEY TO YOUR MUMMY, FOR NOT KNOWING ONE IS AN AMERICAN, AND ALL OF THE OTHER RULES? WHAT IS THIS ADMINISTRATION THINKING?
This is a companion to the earlier post I wrote suggesting why Swiss banks should NOT join the OVDP program for Swiss banks. In this post I argue that individuals shouldn’t join OVDP for people. At the moment that means that nobody should join OVDP. France: October 10, 1789 – Ancestor of #OVDP and #FBAR […]
2012 – Wegelin – Sowing The Seeds of U.S. Terror Wegelin's Fall to Tax-Haven Poster Child http://t.co/MgsdWsERwm – thought it was out of the reach of US bc it had no branches in the U.S. — U.S. Citizen Abroad (@USCitizenAbroad) December 14, 2013 This article includes: Two months ago, Wegelin pleaded guilty, even though it […]
Switzerland Urges Banks to Meet U.S. Disclosure Deadline http://t.co/jK06WAwX3O via @BloombergNews Why do they take the All guilty approach? — Marvin Van Horn (@FATCA_Fallout) December 9, 2013 Swiss gov't faces heat over "US Programme" (update) http://t.co/hWLw3pKGW3 – 13 banks under investigation can't join #OVDP, why would others — U.S. Citizen Abroad (@USCitizenAbroad) December 10, 2013 […]