TAX, SOCIETY & CULTURE

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Comments for
FATCA Q&A--A Work in Progress

Allison, Wonderful summary. Only thing I would add are the Green Card holders. They are in the same boat as the US citizens. Not sure why that is but I suspect that they are considered to be "on the path to citizenship" and therefore a kind of semi- US citizen.

Published Dec 09, 2013 by Victoria FERAUGE

I have my doubts about this but will reserve commentary for when I have done more research.

Published Dec 09, 2013 by Allison Christians

We had to pay $3,000 to H&R Block to prepare 3 years of US tax papers due to FATCA regardless of that fact that we don't earn enough to be charged US taxes! So the US Government is not even getting the money, but we still have to pay it for fear of the long arm of the IRS! What a rip-off!

Published Jan 14, 2014 by Digger Gorman

Also, US Citizens in Canada need to beware of RESP's because they are considered trust accounts and unlike RRSP's there is no equivalent type of that kind of account in the states, so, you will have some extra paperwork.

Published Jan 23, 2014 by Digger Gorman

Yes, this is definitely a boon for the compliance industry, which only increases the offensiveness of status-based taxation when there are perfectly plausible alternatives that have been in use by the rest of the world for 100 years, namely, taxing actual residents on their worldwide income and non-residents on income earned in the jurisdiction.

Published Jan 14, 2014 by Allison Christians

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