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Archive for March 2012

2012 Mar 27 – Hutchings

 
William Hutchings
Fund managers predict ‘global Fatca’
Financial News (27 March 2012)

http://www.efinancialnews.com/story/2012-03-27/fund-managers-predict-global-fatca

Asset managers anticipate “a global tax framework” that will affect “national tax integrity” and bring “a degree of transparency that is currently unimaginable.”
 

Written by usxcanada

27 March 2012 at 6:00 am

2012 Mar 19 – Poe

 
Curtis Poe
More Americans giving up citizenship than reported
Overseas Exile (19 Mar 2012)

http://overseas-exile.blogspot.fr/2012/03/more-americans-giving-up-citizenship.html

The story includes tabular data on and source for Americans who have acquired EU citizenship 2002-2010. “The number of ex-Americans might start to approach levels that policy makers sit up and take notice.”
 

Written by usxcanada

19 March 2012 at 6:00 am

2012 Mar 18 – Dunn

 
Stephen J. Dunn
Oh Canada! Our home and adopted land
Forbes (18 March 2012)

http://www.forbes.com/sites/stephendunn/2012/03/18/oh-canada-our-home-and-adoped-land/

Dunn’s understanding of tax filing requirements for US citizens resident in Canada appears idiosyncratic. Dunn sees Form 8938 as designed to allow IRS collection of failure-to-file penalties through Canada Revenue Agency.
 

Written by usxcanada

18 March 2012 at 7:00 am

2012 Mar 18 – Ovid

 
Ovid
More Americans giving up citizenship than is being reported
Daily Kos (18 Mar 2012)

http://www.dailykos.com/story/2012/03/19/1075823/-More-Americans-giving-up-citizenship-than-is-being-reported

This account provides useful links to related materials. “It’s very likely that several thousand Americans are relinquishing their citizenship every year and it’s not being reported because no one knows where to look for the data.”
 

Written by usxcanada

18 March 2012 at 6:00 am

2012 Mar 12 – Cohn

 
Michael Cohn
Expats protest IRS treatment of citizens overseas
Accounting Today (12 Mar 2012)

http://www.accountingtoday.com/news/Expats-Protest-IRS-Treatment-Citizens-Overseas-61998-1.html

An extensive account of how IRS Commissioner Doug Shulman has failed to respond to a directive from National Taxpayer Advocate Nina Olson. “Olson issued a rare Taxpayer Advocate Directive last August, only the sixth in her office’s history, according to Tax Notes, to try to force the IRS to change its audit procedures by revoking a memo from last March that directed IRS examiners to stop accepting less than a 20 percent penalty and assume that a violation is not willful unless proven otherwise.”
 

Written by usxcanada

12 March 2012 at 8:00 am

2012 Mar 12 – Dale

 
Arden Dale
New rules target offshore funds
Wall Street Journal (12 Mar 2012)

http://online.wsj.com/article/SB10001424052970203918304577239480280823676.html

US citizens with “foreign” financial holdings face “extensive disclosures about overseas holdings on their tax returns” — in many instances duplicative and annual reporting (rather than one-time accounting for acquisition/disposition).
 

Written by usxcanada

12 March 2012 at 7:00 am

2012 Mar 12 – Wood

 
Robert W. Wood
Despite FATCA, FBAR penalties still under fire
Forbes (12 Mar 2012)

http://www.forbes.com/sites/robertwood/2012/03/12/despite-fatca-fbar-penalties-still-under-fire/

Detail on penalties for FBAR violations.
 

Written by usxcanada

12 March 2012 at 6:00 am

2012 Mar 8 – Tax Hunt

 
Tax hunt pushes global rich to offshore trusts
Business Standard / Bloomberg (8 Mar 2012)

http://www.business-standard.com/india/news/tax-hunt-pushes-global-rich-to-offshore-trusts/467098/

“Multinational families increasingly are turning to high-end estate and tax planners to reduce tax bills.” Terms applied to growth in this area of tax planning are “explosion” and “exponential.” The article cites a figure of 10.9 million high net worth individuals worldwide, based on investable assets of at least $1 million. This lengthy article provides considerable detail.
 

Written by usxcanada

8 March 2012 at 6:00 am

2012 Mar 6 – Americans

 
Americans in Sweden suffer US tax crackdown
Local (6 Mar 2012)

http://www.thelocal.se/39522/20120306/

One resident of Sweden, not FBAR compliant, has spent more than $40,000 on accounting fees and has a situation still unresolved, apparently through 2011 OVDI. Another Swedish resident was initially denied a new financial account because of US citizenship. American Citizens Abroad “has already received more than 150 testimonials from individuals who have lost access to their US-based accounts or who have been shut out by foreign banks unwilling to comply with FATCA.”
 

Written by usxcanada

6 March 2012 at 7:00 am

2012 Mar 6 – Hembrey

 
Jon Hembrey
IRS cracking down on U.S. expat taxpayers
CBC News (6 Mar 2012)

http://www.cbc.ca/news/business/taxseason/story/2012/02/27/f-tax-season-irs-fatca.html

This unbalanced two-sources reporting amounts to (1) regurgitation of IRS ideology (2) promotion of tax compliance services operated by the likes of accountant Wayne Bewick.
 

Written by usxcanada

6 March 2012 at 6:00 am