Tag Archives: FBAR Canada

The @USTreasury has the power to relax #FBAR requirements on #Americansabroad, but it will NOT

The above tweet links to a posting on a Facebook group that reads:

US DEPARTMENT OF TREASURY ACKNOWLEDGES THAT IT CAN STOP FOREIGN BANK ACCOUNT REPORTING (FBAR) BY AMERICANS OVERSEAS BUT CHOOSES NOT TO!

The US Federal Register which reproduces Treasury’s deliberations, where it (1) acknowledges that it has the authority to exempt Americans abroad from the FBAR filing requirement and (2) makes a considered, conscious and purposeful decision to NOT exempt Americans abroad from the FBAR filing requirement. https://www.gpo.gov/fds…/pkg/FR-2011-02-24/pdf/2011-4048.pdf.

You should read from the beginning (if you can stand it), but if you go page 4 you will find the statement which is evidence of the clear, unambiguous, purposeful and wilful decision to NOT exempt Americans abroad from the FBAR filing requirement. The bottom line is on page 4 of the pdf (page 10237 of the Federal Register) which clearly states in the first full paragraph in the second column that:”

With respect to the comments raised by United States persons living abroad, FinCEN does not believe that an exemption is appropriate simply because a United States person chooses to live outside of the United States.”

The excerpt from the Federal Register is here:

FBAR 2011-4048

 

 

 

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Canadian media contines to advertise for #IRS and #FATCA

The article referenced in the above tweet includes:

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#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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