Archive for March 2012
Fund managers predict ‘global Fatca’
Financial News (27 March 2012)
Asset managers anticipate “a global tax framework” that will affect “national tax integrity” and bring “a degree of transparency that is currently unimaginable.”
More Americans giving up citizenship than reported
Overseas Exile (19 Mar 2012)
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.”
Stephen J. Dunn
Oh Canada! Our home and adopted land
Forbes (18 March 2012)
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.
More Americans giving up citizenship than is being reported
Daily Kos (18 Mar 2012)
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.”
Expats protest IRS treatment of citizens overseas
Accounting Today (12 Mar 2012)
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.”
New rules target offshore funds
Wall Street Journal (12 Mar 2012)
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).
Robert W. Wood
Despite FATCA, FBAR penalties still under fire
Forbes (12 Mar 2012)
Detail on penalties for FBAR violations.