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Dual American-Canadian citizens are finding themselves in a serious bind due to FATCA, which has been dubbed “the worst law that Americans have never heard of.”
There have been some changes lately to the FBAR that you need to know about. Namely, starting this year, it must be filed online—paper forms will no longer be accepted.
If throwing an elderly widow in a cage for six years for not properly filling out a government form is not cruel and unusual punishment, then the phrase has no meaning.
If you are a US person who has a financial interest or signature authority over foreign bank accounts, securities accounts and/or other financial accounts you probably have to report them to the US government on multiple forms. The penalties for failure to file are onerous.
Over the past two weeks, we've been talking shop with Ryan Losi, a Virginia based US CPA who specializes in international tax planning. In today's conclusion, we talk about some of the most common mistakes Americans make when heading overseas, as well some thoughts on where the increased regulation and enforcement might ultimately take us.
Over the past two weeks, we've been speaking with Frank Suess, CEO of the Swiss-based wealth planning and management firm, BFI Capital, as well as the leader of the increasingly popular gold storage program Global Gold. Let's continue...