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Archive for March 2012

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