Archive for August 2011
IRS should lighten up on Americans living in Canada [editorial]
Vancouver Sun (31 Aug 2011) A14
The editorial calls for leniency from the IRS and commends Canadian refusal “to take part in this witch hunt.”
Deadline for disclosure
Vancouver Observer (30 Aug 2011)
The Sept 9 OVDI deadline approaches. Two personal stories: Dawn C. in Vancouver “never lived or worked in the U.S.” Clarissa came to Canada in 1975, became a citizen in 1980, and has a single-nationality Canadian husband. Tax accountant Steve Flynn points to the option of quiet disclosure with risk of review or audit.
Voluntarily disclose your offshore accounts, or else
New York Times (27 Aug 2011) B5
Sullivan describes two options from the perspective of US residents — “join the program or go it alone and take your chances” — and three groups that would benefit from OVDI: (1) offshore inherited money (2) offshore accounts (3) willful offshore tax evasion.
IRS sweep: U.S. citizens victimized
Windsor Star (26 Aug 2011)
CRA will not enforce US penalties in Canada. “The gall of the U.S. government is astonishing, as is its intended reach.”
Going quietly into the night may not be the best idea for U.S. citizens living abroad
Forbes (26 Aug 2011)
“The IRS has indicated that it will be looking for individuals who make quiet disclosures and will audit those individuals.” Consequently, a 5 percent penalty under OVDI may offer less risk.
Americans in Canada may be unknowing tax evaders
CBC News (25 Aug 2011)
Windsor professor Christina Simmons has lived in Canada for 25 years and is now trying to become compliant with US tax requirements.
Mary Agnes Welch
Americans renounce citizenship over taxes
Winnipeg Free Press (25 Aug 2011) B4
Julie Veilleux of Lac du Bonnet MB may face at least $80,000 in fines. Born in Ohio, departing the United States after eight years, Veilleux has lived in Canada for almost forty years and became a Canadian citizen in 1995. Veilleux and her sister travelled to Calgary earlier in August to renounce US citizenship. “Veilleux fears the worst — being sued by the IRS, being stopped at the border or having a lien placed against her family’s modest bungalow.”