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Archive for December 2011

2011 Dec 31 – Fallows

James Fallows
FATCA: the menace you’ll hear about in 2012
Atlantic (31 Dec 2011)


The story opens with mention of recent coverage in New York Times and Wall Street Journal. Foreign banks are rejecting US clients. US expatriates are divesting from the United States and looking toward renunciation of citizenship. “In practical terms, Fatca seems to be turning into a nightmare and disaster.”

Written by usxcanada

31 December 2011 at 6:00 am

2011 Dec 29 – Banks

Banks sweat as tax net tightens
Wall Street Journal (Online) (29 Dec 2011)


“New U.S. tax regulations … are prompting some foreign banks to ditch their customers and their American counterparts to worry that they could lose crucial deposits.”

Written by usxcanada

29 December 2011 at 7:00 am

2011 Dec 29 – Marsh

Ann Marsh
Why tax-compliant clients may soon find it harder to live abroad
Financial Planning (29 Dec 2011)


“Americans living abroad [after 2013] are going to find it very hard to maintain assets abroad. … This may be the widest expansion of jurisdiction by U.S. authority in American history” — H. David Rosenbloom, director of the International Tax Program at the New York University School of Law; former director of the Office of International Tax Affairs, U.S. Treasury

Written by usxcanada

29 December 2011 at 6:00 am

2011 Dec 27 – Jolly

David Jolly / Brian Knowlton
Law to find tax evaders denounced
New York Times (27 Dec 2011) B1


New requirements alarm businesses and citizens who are external to the United States.

Written by usxcanada

27 December 2011 at 6:00 am

2011 Dec 23 – Nightingale

Kevyn Nightingale
Specifics of the OVDI only raise more concerns
MNP.ca (23 Dec 2011)


“The IRS has now confirmed that the Fact Sheet [of Dec 8] was the guidance the Ambassador had alluded to when he promised further relief [on Oct 18].”

Written by usxcanada

23 December 2011 at 6:00 am

2011 Dec 21 – FATCA

FATCA implementation — upcoming challenges for 2012 and beyond
Accenture (21 Dec 2011)


Concerned with the technicalities of FATCA implementation, this article opens with an eight-point timeline stretching from 1 Jan 2013 to 30 June 2015.

Written by usxcanada

21 December 2011 at 6:00 am

2011 Dec 19 – McKenna

Barrie McKenna
Why the IRS crackdown puts Canadian banks in a tight spot
Globe and Mail (19 Dec 2011)


“Canadian financial institutions … will soon have to start tracking the citizenship of millions of account holders to identify their American customers. … European financial institutions are in full revolt. Several major banks … are already dropping U.S. customers, rather than comply with FATCA. … [Meanwhile,] the Canadian Bankers Association is already ramping up for FATCA.”

Written by usxcanada

19 December 2011 at 7:00 am