Archive for the ‘Journalism’ Category
More than 3,100 Americans renounced citizenship last year: FBI
Global News (10 Jan 2014)
FBI figures for 2013 renunciations leads into further reporting on the phenomenon of increased renunciation of US citizenship.
Robert W. Wood
Americans are unwanted worldwide (at least by banks)
Forbes (1 Jan 2014)
FATCA, FBAR, and OVDI make banking and life abroad difficult for US persons. “The U.S. has data from 40,000 voluntary disclosures, whistleblowers, banks under investigation and cooperative witnesses.”
U.S. citizenship based taxation: unique or outrageous?
Global Tax News (16 Dec 2013)
This article dramatizes the impacts of real and what-if extraterritorial taxation of a selection of US persons.
12 agreements signed to help U.S. fight offshore evasion: taxes
Bloomberg (15 Dec 2013)
Intergovernmental agreements needed for the United States to implement FATCA have been completed with 12 countries (not yet including Canada). Negotiations are underway with more than 70 jurisdictions. The current deadline is 1 July 2014.
Robert W. Wood
7 sins with bank accounts? FATCA makes them deadly
Forbes (15 Dec 2013)
The itemized “sins”: failure by US persons to report income or assets to the United States; failure to file FBARs; recognition of possible extreme penalties; disregard of current IRS compliance programs; risks of quiet disclosure; failure to respect backfiling requirements; closing accounts in an attempt to conceal present circumstances.
Americans abroad denounce offshore tax law’s unintended consequences
International Consortium of Investigative Journalists (13 Dec 2013)
This follow-up to the preceding week’s report provides substantial extracts of correspondence received from persons suffering from the simple burden of attempting to comply with US extraterritorial tax requirements.
The mystery of the fleeing Americans
International Consortium of Investigative Journalists (6 Dec 2013)
Increase in US expatriations is viewed as a journalistic mystery. Tax avoidance, criminal evasion, and compliance burden are listed as three possible explanations. Williams provides a link to her spreadsheet of Federal-Register-listed renunciants since Dec 1994.