Archive for the ‘Interview’ Category
Virginia La Torre Jeker
If you go, you can’t come back: the Reed/Schumer follies — past and proposed anti-expat legislation: interview with Bill Yates, former IRS attorney
Angloinfo (30 Dec 2013)
A senior IRS attorney talks about the history of attempts to exclude persons who renounce US citizenship.
Flaherty announces 3-year freeze in EI premiums
CTV News (9 Sept 2013)
Canadian Minister of Finance Jim Flaherty responds to reporter questioning about FATCA at an event focused on employment insurance premiums. Full transcription of the exchange is provided at https://usxcanada.wordpress.com/perspectives/#flaherty.
Residence-based taxation? Interview with Bill Yates
Angloinfo (22 July 2013)
This Part II (see 1 July 2013 for Part I) interview by Virginia La Torre Jeker with former high-level IRS employee Bill Yates demonstrates that U.S. persons resident abroad have little good to hope for. “The Treasury and IRS have too much invested in FATCA to turn back now. … FATCA is inevitable.” Form 8938 was seen by even its drafters as nothing anyone would want to have to fill out.
FATCA interview with Bill Yates
Angloinfo (1 July 2013)
This Part I (see 22 July 2013 for Part II) interview by Virginia La Torre Jeker with former high-level IRS employee Bill Yates reveals insider perspective on IRS development of Form 8938.
Section 6038D was enacted in order to put the kind of foreign bank account reporting required by Form 90-22.1, Foreign Bank Account Report (FBAR), under Title 26, the Internal Revenue Code. FBAR reporting is required pursuant Title 31, the Bank Secrecy Act. Because of this, IRS could not initiate an audit of a taxpayer based solely on an FBAR filing. The taxpayer being examined had to have an underlying Title 26 issue. Only with a Title 26 issue could IRS use account information found on an FBAR in furtherance of an audit or exam of the taxpayer. Hence, Congress gave IRS section 6038D, Title 26 of the Internal Revenue Code. In short, Congress gave IRS its own FBAR.
US citizens leaving the country to avoid stiff tax bills
New York Post (23 June 2012)
Tharp reports interestingly high figures for renunciation — “As many as 8,000 US citizens are projected by immigration officials to renounce in 2012, or about 154 a week, versus 3,805 in 2011, or about 73 per week” — as “startling new data from Uncle Sam,” but a more specific data source is not provided. Most of the article is built on comment from “Jim Duggan, a lawyer at Duggan Bertsch, which specializes in protecting assets of the wealthy.” Duggan identifies “popular spots” for wealth expatriation as Australia, Norway, Singapore, Cayman Islands, Costa Rica, Guernsey and Antigua. Canada not included!
Ambassador believes worst may be over in tax row
swissinfo.ch (14 Feb 2012)
Interview with US ambassador Donald Beyer, who says: “My sense is that we’ve already hit the low point” — and mentions “around 100 Americans in Switzerland” giving up citizenship in the past year. [Flash forward: 411 more reported for first 9 months of 2012.]
Why taxes are prompting some Americans in Canada to renounce their US citizenship
The World (11 Nov 2011)
Transcript of a Public Radio International interview with Mark Wittgen, a thirty-year resident of Canada who is in the process of renouncing his U.S. citizenship.