Archive for February 2012
How the IRS plans to track down secret offshore accounts
InvestingAnswers (29 Feb 2012)
Orem offers a practical and contextual account of the implications of FATCA implementation and filing requirements for Form 8938.
Robert W. Wood
Expats lobby for tax on residence, not worldwide income
Forbes (25 Feb 2012)
American Citizens Abroad representatives have met with House and Senate tax staffs and with staff from the Joint Committee on Taxation. Wood sees their proposal for residence-based taxation as “a long shot.”
SOPA, FATCA and the Volcker Rule: the border busters
Reuters U.S. (17 Feb 2012)
Canadian opposition to new U.S. financial trading restrictions is among the “most vocal” of countries outside the United States. “Canada and other nations do not appreciate the unilateral expansion of U.S. jurisdiction beyond the country’s borders. After all, the financial industry in several nations came out of the financial crisis in much better shape than the U.S. industry.”
Ambassador believes worst may be over in tax row
swissinfo.ch (14 Feb 2012)
Interview with US ambassador Donald Beyer, who says: “My sense is that we’ve already hit the low point” — and mentions “around 100 Americans in Switzerland” giving up citizenship in the past year. [Flash forward: 411 more reported for first 9 months of 2012.]
FBARs and delays in Detroit
Hodgen Law Group (14 Feb 2012)
A correspondent reports a telephone inquiry about delinquent FBARs for 2005-2009 that elicited this information: current processing was dealing with July 2011 and the system has millions of documents in backlog.
Robert W. Wood
Celebrity leavings: bidding stars adieu
Forbes (14 Feb 2012)
Wood comments on the increasing rate of renunciation and on aspects of the associated exit tax.
Most tax rules stay same, but don’t bet on it
toledoBlade.com (12 Feb 2012)
The article has a separate section for offshore assets. “Some IRS agents from the Toledo office were used to do initial examination of such data [information retrieved from offshore programs] from February through September, 2011, said Jennifer Jenkins, an IRS spokesman.” Toledo tax preparer Chuck Mira says “the foreign-asset issue could affect a lot more Toledo area tax filers than most people think.” He suspects “a lot of high net-worth people” have been “pushing their money offshore and not paying taxes on it.” Specific mentioned destinations are Canada and Switzerland.