Archive for November 2013
New tax law driving expats to renounce U.S. citizenship
McClatchy DC (27 Nov 2013)
The story of Ruth Ann Freeborn of Kingston, Ontario anchors this report on expatriate Americans who are renouncing citizenship in record numbers.
Is the OVDP a good deal? Assessing the OVDP in terms of FBAR willfulness
Social Science Research Network (26 Nov 2013)
This 65-page academic examination of willfulness as applied to FBAR reporting failure concludes that present tendency toward finding FBAR violation willful may render OVDP participation more desirable than that action would appear.
Roy A. Berg
Canadian snowbirds beware! Border crossing rules for 2014 increase stakes for “day count”
Moodys Gartner (25 Nov 2013)
On 30 June 2014 new procedures will lead to precise days-of-residence counts available to both Canada and the United States. Snowbirds may encounter undesirable tax consequences.
Snowbirds, know when you’re overstaying your welcome
GlobeAdvisor.com (22 Nov 2013)
Careless Canadian retirees who spend extended time in the United States may find themselves subjected to an unanticipated range of taxation and penalty in both countries.
More Americans ditch their passports
Fortune (14 Nov 2013)
Record renunciation of U.S. citizenship draws attention to the pressures brought on by FATCA. International tax lawyer Phil Hodgen is quoted.
More taxpayers are abandoning the U.S.
Wall Street Journal (13 Nov 2013)
2013 will “set a record for expatriations by U.S. taxpayers, with at least a 33% increase from the previous high in 2011.”
Anna Maria Tremonti
FATCA under fire from tax experts & Canadian citizens
CBC Radio — The Current (13 Nov 2013)
In twenty minutes Tremonti interviews McGill tax law professor Allison Christians, US citizenship relinquisher Ruth Freeborn from Kingston, Ontario; and Canadian Bankers Association representative Marion Wrobel. The imposition of FATCA on Canadian banks will disadvantage U.S. persons and impose substantial passed-along costs on Canadian banks.