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Archive for September 2012

2012 Sept 30 – Kaiser

 
Mike Kaiser
What taxes taught me about the power of the asterisk
Globe and Mail (30 Sept 2012)

http://www.theglobeandmail.com/life/facts-and-arguments/what-taxes-taught-me-about-the-power-of-the-asterisk/article4574698/

Essay by ill-advised “US person” in Canada who goes through hell to obtain Social Security number in order to enter second hell of filing tax paperwork.
 

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Written by usxcanada

30 September 2012 at 6:00 am

2012 Sept 27 – Hinchberger

 
Bill Hinchberger
European banks shut Americans out over U.S. tax rules
USA Today (27 Sept 2012)

http://usatoday30.usatoday.com/money/business/story/2012/09/27/european-banks-oust-americans/57849014/1

“FBAR and FATCA seem to be tipping points,” says Mike Heimos, an American attorney based in Uruguay who specializes in cross-border issues.”
 

Written by usxcanada

27 September 2012 at 6:00 am

2012 Sept 21 – Christianson

 
David Christianson
Taxing move could end “quiet disclosure”
Winnipeg Free Press (21 Sept 2012)

http://www.winnipegfreepress.com/business/taxing-move-could-end-quiet-disclosure-170641656.html

Comment is based on attendance at a recent presentation “put on by Terry Ritchie, whom I consider to be the best-informed adviser in Canada on such matters. … A harsh reality is the IRS is getting more sophisticated and aggressive in going after the billions in taxes that are unpaid by U.S. citizens.” Christianson seems to believe that the 31 August 2012 IRS guidelines in some sense signal the end of quiet disclosure.
 

Written by usxcanada

21 September 2012 at 6:00 am

2012 Sept 20 – Jordan

 
Ruth Jordan
Uncle Sam unleashes tax hounds to hunt a Canadian citizen [featured letter]
Edmonton Journal (20 Sept 2012)

http://www.edmontonjournal.com/business/Featured+letter+Uncle+unleashes+hounds+hunt+Canadian+citizen/7275320/story.html

A Canadian-born woman in Edmonton reports filing a 2011 US tax return after about 20 years of non-compliance as a returned-to-Canada resident, and then receiving a no-detail IRS demand for immediate payment of $2,616.95 US. One factor was denial of claim for 14-year-old daughter as dependent.
 

Written by usxcanada

20 September 2012 at 6:00 am

2012 Sept 19 – Houlder

 
Vanessa Houlder
US tax net closes on Americans living in Britain
Financial Times (19 Sept 2012)

http://www.ft.com/cms/s/0/c2b09b66-0272-11e2-9e53-00144feabdc0.html

“Banks will have to identify all their US customers by 2015.” Advisory costs for an individual to come into tax compliance with the US can reach £20,000 to £30,000. One tax accountant reports a five-fold increase in that portion of their business.
 

Written by usxcanada

19 September 2012 at 6:00 am

2012 Sept 18 – Temple-West

 
Patrick Temple-West
Overseas tax dragnet refocuses on country partnerships
Reuters US (18 Sept 2012)

http://www.reuters.com/article/2012/09/18/us-usa-tax-facta-idUSBRE88H15X20120918

“The UK on Friday became the first country to finalize a tax information-sharing pact with the United States under FATCA.”
 

Written by usxcanada

18 September 2012 at 6:00 am

2012 Sept 17 – Schmid

 
Valentin Schmid
Swiss banks stand to lose hundreds of billions
Epoch Times (17 Sept 2012)

http://www.theepochtimes.com/n2/business/swiss-banks-stand-to-lose-hundreds-of-billions-293340.html

“U.S. citizens will face repercussions, as banks worldwide will deem it too expensive to cater to U.S. clients due to the high regulatory costs.”
 

Written by usxcanada

17 September 2012 at 6:00 am