This comment from the Isaac Brock Society makes basic points to be made with regard to the proposed “Transition Tax” in both the House and Senate Tax Reform Bills. Every expat who knows there are private individuals who are incorporated in their country should be contacting relevant government representatives giving them theContinue reading “Seven Simple Points to be Made Re: Transition Tax and CFCs”
Tag Archives: HARM
The Merry-Go-Round of “Unintended Consequences”
This provision is not designed to catch individuals (I think), and certainly not Americans abroad – they are collateral damage. it’s incredibly unfair. A little more than 10 days ago, an article by a Canadian tax lawyer claimed the proposed House Bill contained two very startling changes that would affect #AmericansAbroad: BAD NEWS FORContinue reading “The Merry-Go-Round of “Unintended Consequences””
US tax reform bill appears to confiscate 12% of retained earnings of certain Canadian Controlled Private Corporations
UPDATE November 9, 2017 Today Chairman Brady concluded the “Mark Up” period of his proposed tax legislation. The “Mark Up” period contained NO move to “territorial taxation” for individuals. It did increase increase the “proposed confiscation” of the retained earnings of certain Canadian Controlled Private Corporation, from 12% to 14%. Renunciations to increase!: BradyContinue reading “US tax reform bill appears to confiscate 12% of retained earnings of certain Canadian Controlled Private Corporations”
Renouncing for some is excruciating & not because of the emotional ties
Barbara left the following comment at Brock earlier today. Her story is different in that she lives in a lower-tax based country (easier to owe US tax) where gaining citizenship is very difficult, if not impossible. I think this situation has come up far less often in public discussions and all of usContinue reading “Renouncing for some is excruciating & not because of the emotional ties”
Congressman Bill Posey asks Treasury Secretary Mnuchin to deal with #FATCA
Persistence pays off! Suzanne Herman, a long-time Brocker, never gives up & look at the result! We need more of this kind of thing! BRAVO!!! See the original here September 29, 2017 The Honorable Steven Mnuchin Secretary of the U.S. Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, DC 20220 DearContinue reading “Congressman Bill Posey asks Treasury Secretary Mnuchin to deal with #FATCA”
Why is the United States imposing an “Exit Tax” on the Canadian pensions of Canadian citizens living in Canada?
cross-posted from citizenshipsolutions by John Richardson This post is based on (but is NOT identical to) a July 17, 2017 submission in response to Senator Hatch’s request for Feedback on Tax Reform “Re the impact of the S. 877A “Exit Tax” on those “Americans living abroad” who relinquish U.S. citizenship: Why is the United StatesContinue reading “Why is the United States imposing an “Exit Tax” on the Canadian pensions of Canadian citizens living in Canada?”
U.S. “culture of penalty” and inflation: First, inflation used to first increase the size of #FBAR penalty base and then increase the size of actual penalties
cross-posted from citizenshipsolutions blog written by John Richardson Introduction: Penalty as a part of American Culture "U.S. tax, form and penalty club": Google "IRS penalty as part of American culture" and see a wide range of results https://t.co/eR0QTZ2sOH — John Richardson – Counsellor for US persons abroad (@ExpatriationLaw) June 25, 2017 The above tweet linksContinue reading “U.S. “culture of penalty” and inflation: First, inflation used to first increase the size of #FBAR penalty base and then increase the size of actual penalties”
May 13, 2017 Canadian Federal Court FATCA IGA lawsuit update: Motion for Summary Trial now submitted
“…The government of Canada has a responsibility to stand up for its citizens when foreign governments are encroaching on their rights…We believe that the deal reached between Canada and the U.S. is insufficient to protect affected Canadians…” June 2015 Pre-Election statement of Mr. Justin Trudeau (now Prime Minister of the Government we are suing) toContinue reading “May 13, 2017 Canadian Federal Court FATCA IGA lawsuit update: Motion for Summary Trial now submitted”
The agony of US citizenship for US citizens living outside the US
"The agony of US citizenship for US citizens living outside the US" https://t.co/bnQhBreZKX #FATCA #CBTax #FBAR pic.twitter.com/Fv8JwbIPmY — Citizenship Taxation (@CitizenshipTax) March 28, 2017 //platform.twitter.com/widgets.js cross-posted from renounceuscitizenship blog The agony of US citizenship for US citizens living outside the US U.S. citizens cry out in agony! But, the U.S. government Silence isContinue reading “The agony of US citizenship for US citizens living outside the US”
Citizenship Taxation 