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Archive for January 2012

2012 Jan 26 – McKenna

 
Barrie McKenna
U.S. poised to soften offshore tax crackdown
Globe and Mail (26 Jan 2012) B4

http://www.theglobeandmail.com/report-on-business/us-poised-to-soften-offshore-tax-crackdown/article2314687/

“Concessions apparently include an extended phase-in period and a work-around of domestic privacy laws.” One option to meet privacy concerns may involve having a national government act as intermediary to “transmit information to the IRS.” Any measures to mitigate the impact of FATCA will have no effect on the reporting requirements still to be enforced against all expatriate US citizens.
 

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Written by usxcanada

26 January 2012 at 6:00 am

2012 Jan 25 – Hilton

 
Anthony Hilton
US taxman is coming – and it will cost City dear
London Evening Standard (25 Jan 2012)

http://www.thisislondon.co.uk/markets/article-24030898-us-taxman-is-coming—and-it-will-cost-city-dear.do

“As things stand, every major financial institution in the UK will have to strike an agreement with America’s Internal Revenue Service. … The cost for a large institution to instal systems that allow it to comply with this legislation is estimated at about £100 million.”
 

Written by usxcanada

25 January 2012 at 7:00 am

2012 Jan 25 – Tax Code

 
Tax code driving Americans to renounce citizenship
Fox Business (25 Jan 2012) 4:03

http://video.foxbusiness.com/v/1414557890001/

Fox-style discussion of recent citizenship renunciation figures.
 

Written by usxcanada

25 January 2012 at 6:00 am

2012 Jan 22 – Tompor

 
Susan Tompor
Some foreign accounts must be reported to IRS
Detroit Free Press (22 Jan 2012)

http://www.freep.com/article/20120122/COL07/201220423/Susan-Tompor-Some-foreign-accounts-must-be-reported-to-IRS

Michigan residents are warned that Canada is “offshore.” Coverage includes Form 8939, FBAR, and reopened OVDP.
 

Written by usxcanada

22 January 2012 at 6:00 am

2012 Jan 19 – McKenna

 
Barrie McKenna
Watchdog slams IRS for alienating expats
Globe and Mail (19 Jan 2012)

http://www.theglobeandmail.com/report-on-business/watchdog-slams-irs-for-alienating-expats/article2308778/

Criticisms of the IRS in the Taxpayer Advocate Service annual report for 2011 form the core of the story. “Devastating penalties and an over-complex international tax reporting regime” do not encourage compliance among expatriate filers. “New procedures to help dual citizens become compliant … along with other information for offshore filers, will be posted ‘within the next month’ on the IRS website, spokesman Dean Patterson said.”
 

Written by usxcanada

19 January 2012 at 7:00 am

2012 Jan 19 – Worst

 
Worst nightmare as IRS wants $550K in penalties over $4K tax bill
Investment News (19 Jan 2012)

http://www.investmentnews.com/article/20120119/FREE/120119909

The representative for the client in the headline case is “stalling” to see if the IRS will grant “more discretion to reduce the penalties for those remaining in the voluntary disclosure program.” To opt out of the program may trigger examination that entails unacceptable uncertainty and risk.
 

Written by usxcanada

19 January 2012 at 6:00 am

2012 Jan 18 – Cohn

 
Michael Cohn
Taxpayer Uncertainty Prompts Citizenship Renunciations
Accounting Today (18 Jan 2012)

http://www.accountingtoday.com/news/Taxpayer-Uncertainty-Prompts-Citizenship-Renunciations-61441-1.html

“The increasing complexities of U.S. tax law are leading more people to renounce their citizenship.” Cohn discusses the 2011 annual report from Taxpayer Advocate Service. Tax lawyer Bob McKenzie regrets lack of a deadline in the latest program. “Even though clients may initially balk at the amount of money they will need to pay, he explains to them that if they are at high risk, receiving a letter from the IRS that the agency won’t prosecute them has a great deal of value.”
 

Written by usxcanada

18 January 2012 at 6:00 am