Category Archives: ovdp

Brilliant @DollarVigilante article on confiscation of foreign wealth

Interesting Dollar Vigilante article on the use of U.S. laws to impose capital controls and confiscate wealth.

It includes:

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@Mopsicktaxlaw takes moral high ground on taxation of #Americansabroad

Steven Mopsick has written another post on what I would call “Tax Justice For Americans Abroad”. I have commented on a number of Mopsick posts on this blog. Leaving aside Mr. Mopsick’s position on FATCA, he has consistently been opposed to citizenship-based taxation and has been a strong voice for exposing the injustice of the the FBAR Fundraiser and other IRS insanities.

The article referenced in the above tweet includes:

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For Green Card Holders with #Offshore accounts relief may be on the way

And from the IRS Commissioner …

 

On June 3, 2014 IRS Commissioner Koshinken in prepared remarks commented on matters of interest to U.S. citizens abroad including:

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#Americansabroad defend the homeland militarily and diplomatically

Robert Wood, posted a “Memorial Day Article” drawing attention to the renunciations of U.S. citizenship. The very first comment was from a Homelander who is an adherent of the “Don’t let the door hit you on the way out” principle. This particular Homelander writes:

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@JoeBwan writes about the shocking story of the #FBAR Fundraiser

 

The above tweet references an excellent series of posts written by CPA Joe Kristan about Commissioner Shulman’s tenure as IRS Commissioner and the FBAR Fundraiser. This collection of posts are among the best ever written about FBAR, OVDI and the like. Most of these were written during the “OVDI Terrorism” years of 2009 – 2012. While I’m at at it, here is some of my commentary during this period:

The taxpayer, the IRS and the “professionals” – where to go from here

(This includes links to another four posts on this topic.)

Taxpayer Advocate vs. The IRS – It’s a question of trust

(And when the IRS reintroduced the Offshore Voluntary Disclosure Program)

IRS reopens the Offshore Voluntary Disclosure Program and promises new procedures for U.S. citizens living outside the United States

It is a truly incredible story.It is an example of such incredible abuse of Americans abroad and U.S. Green Card Holders that it is deserving of a book of its own.

I have followed this story from the beginning and written a number of posts about Mr. FBAR and “The FBAR Fundraiser”.  It’s even possible that the IRS may have contributed to the failure of Americans abroad to file the FBAR.

The site of American Citizens Abroad has substantial information on the problems of FBAR and Americans abroad.

Please note that Mr. FBAR must now be filed online and only online. Mr. FBAR even has a new name. He’s called: FinCen 114.

Frankly, I don’t know how any government could do this to its citizens or lawful permanent residents.  What is wrong with these people?

 

#FATCA post from @Mopsicktaxlaw highlights injustice for #Americansabroad

A new post from Mopsick Tax Law offers interesting insights into the “FATCA Safe Harbour” rules the IRS has offered FFIs during the first two years of FATCA. The post (if I am reading it correctly) strongly suggests that the purpose of the delay is to assist the “foreign banks” (you know, the Bank of Nova Scotia branch near your house) to “search and destroy” Canadians of U.S. origin.

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More from Allison Christians @TalPolBlog – The CAT is out of the #FATCA bag

Most Swiss banks considering #OVDP should NOT consider #Wegelin in their decision

2012 – Wegelin – Sowing The Seeds of U.S. Terror

This article includes:

Two months ago, Wegelin pleaded guilty, even though it had “little to gain” by doing so, it said in court documents. Wegelin said it was seeking “closure.” An attorney for Wegelin declined to comment.

Legal experts said the U.S.’s tactics may offer a blueprint for future actions against foreign banks. Assistant U.S. Attorney Daniel Levy wrote in a sentencing memo that the prosecution of Wegelin would send “a strong message to those who would believe that, without a physical presence in the U.S., they cannot be reached by U.S. law enforcement.”

“Americans who still have these undeclared accounts need to realize the world is shrinking,” Jeffrey Neiman, a former assistant U.S. attorney, said in an interview. He prosecuted UBS, UBSN.VX -0.31% the Swiss bank, for offenses similar to Wegelin’s.

But the legal theories the U.S. used in prosecuting Wegelin haven’t been tested under these specific circumstances. Had Wegelin gone to trial, legal experts said, it could have argued that it had no criminal intent because it didn’t believe it was responsible for adhering to U.S. laws. In Thursday’s court filing, Wegelin said it went to great lengths to attempt to comply with U.S. laws and that it didn’t know it would be punished for “what it was legally entitled to do under Swiss law.” It added: “Swiss banking privacy and its potential for concealing tax evasion by U.S. persons has never been a secret.”

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#Americansabroad connect through @IsaacBrockSoc – It’s the #FATCA of the matter

Great and interesting post about U.S. citizenship abroad. Some familiar faces. The post includes:

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