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Archive for November 2012

2012 Nov 28 – Beltrame

 
Julian Beltrame
Banks bracing for U.S. law requiring they inform on dual citizen accounts
Macleans (28 Nov 2012)

http://www2.macleans.ca/2012/11/28/banks-bracing-for-u-s-law-requiring-they-inform-on-dual-citizen-accounts/

Canadian Finance Minister Jim Flaherty is quoted as saying: “An agreement with the U.S. to share information on a government to government basis, within prescribed limits, will bring certainty to the application of the FATCA regime to Canadians, and will also facilitate compliance by our financial institutions.” Peculiar reference is made to a “previous deal with Washington involving dual citizens” for noncollection of US tax and penalties. The supposed deal results from nothing more than careful Canadian reading of the existing tax treaty.
 

Written by usxcanada

28 November 2012 at 7:00 am

2012 Nov 28 – Rushton

 
David Rushton
Those fleeing Obama’s America: prepare to be taxed
Canada Free Press (28 Nov 2012)

http://www.canadafreepress.com/index.php/article/51367

Rushton backgrounds on 2007 U.S. legislation designed to impose an exit tax. He anticipates the possibility of a 30% exit tax on all assets in excess of $600,000 for U.S. emigrants and renunciants.
 

Written by usxcanada

28 November 2012 at 6:00 am

2012 Nov 26 – McBride

 
Terry McBride
IRS pursues Americans living abroad
The StarPhoenix (26 Nov 2012)

http://www.thestarphoenix.com/business/pursues+Americans+living+abroad/7608929/story.html

McBride provides a concise summary covering FBAR, voluntary disclosure, new streamlined procedure, and renunciation of US citizenship
 

Written by usxcanada

26 November 2012 at 6:00 am

2012 Nov 25 – Fatca

 
Fatca bringt Ehekrisen
Handelszeitung (25 Nov 2012)
http://www.handelszeitung.ch/politik/fatca-bringt-ehekrisen

U.S. persons in binational marriages suffer stress and divorce because of U.S. filing requirements. “Binationale Ehen seien zunehmend Stresssituationen ausgesetzt, sagt Karr. ‘Bei den Treffen brachen einige Frauen in Tränen aus, da ihre Ehepartner kein gemeinsames Konto haben beziehungsweise ihre Kontoinformationen nicht mit der US-Regierung teilen wollen.’ Deswegen sei es auch schon zu Scheidungen gekommen.”
 

Written by usxcanada

25 November 2012 at 6:00 am

2012 Nov 19 – Rich

 
Jamie Rich
Land of the flee: why, despite Obama’s re-election, Americans are renouncing citizenship in droves
The Independent (19 Nov 2012)

http://www.independent.co.uk/voices/comment/land-of-the-flee-why-despite-obamas-reelection-americans-are-renouncing-citizenship-in-droves-8329319.html

Rich points to the trend of increasing renunciation, and enumerates these aspects: (1) paying taxes and receiving virtually no benefits (2) invasive reporting edicts such as FBAR (3) time and cost of compliance. “A toxic combination of frustration, financial burden and fear of further regulations has created a new anti-American movement among our own people. For those defectors, bitterness has replaced any shred of nostalgia for the United States.”
 

Written by usxcanada

19 November 2012 at 6:00 am

2012 Nov 12 – Treitel

 
David Treitel
Twenty ways the IRS will find your Yankee clients
International Adviser (12 Nov 2012)

http://www.international-adviser.com/news/tax—regulation/twenty-ways-the-irs-will-find-your-yankee-clients

An experienced tax advisor in London lists 20 ways that the IRS can/will discover non-filing extraterritorials. Treitel cites “very great risk of being charged potentially ruinous penalties.” The list is grouped into (a) acts that reestablish US ties [1-6] (b) marriage, divorce, death [7-10] (c) being named in governmental and tax authority information exchange [11-18] (d) online activities [19-20].
 

Written by usxcanada

12 November 2012 at 6:00 am

2012 Nov 8 – U.S.

 
U.S. engaging with more than 50 jurisdictions to curtail offshore tax evasion
U.S. Dept. of the Treasury (8 Nov 2012)

http://www.treasury.gov/press-center/press-releases/Pages/tg1759.aspx

Countries listed fall into four categories: (1) “already concluded” [only United Kingdom] (2) “in the process of finalizing an intergovernmental agreement” [includes Canada] (3) “actively engaged in a dialogue towards concluding an intergovernmental agreement” (4) “working to explore options for intergovernmental engagement.”
 

Written by usxcanada

8 November 2012 at 6:00 am

2012 Nov 8 – Temple-West

 
Patrick Temple-West
U.S. in talks with dozens of nations on anti-tax dodge pacts
Reuters Canada (8 Nov 2012)

http://ca.reuters.com/article/businessNews/idCABRE8A71LY20121108

US Treasury Dept. lists 47 countries “in various negotiation stages on formal agreements” about FATCA. The list includes Canada. Notably absent from the list is China.
 

Written by usxcanada

7 November 2012 at 6:00 am

2012 Nov 1 – Regan

 
Carolyne Regan
Cross-border issues complex: proper planning saves fortunes in estate taxes
Windsor Star (1 Nov 2012)

http://www.windsorstar.com/Cross+border+issues+complex/7480168/story.html

“A very stable tax system in Canada” is contrasted with the U.S., where “changes can be very dramatic from one year to the next.” Estate planning is seen as required for assets “anywhere near” $1 million. “Canadian banks are becoming less hesitant to share information with the IRS.” This infomercial-tinged “special to the Star” relies on input from an accountant and an attorney whose contact information is listed at the end. No mention is made of severing ties to the United States.
 

Written by usxcanada

1 November 2012 at 6:00 am