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Discussion about current events, culture, independent candidates, business, education, travel, death and taxes, global mobility, citizenship and residence by investment options, Americans abroad, FATCA, CRS, U.S. citizenship renunciation, Green Card abandonment, citizenship taxation, PFIC, GILTI, foreign trusts, I-407 and more ...
Episodes
Sunday Nov 13, 2022
Sunday Nov 13, 2022
Issues: Foreign Trusts - Failure To File Form 3520 and 3520A
The facts from the ruling:
"Opinion
21-51064
08-11-2022
Daphne Jeanette Rost, Executor of the Estate of John H. Rebold, Plaintiff-Appellant, v. United States of America, the Internal Revenue Service, Defendant-Appellee.
Appeal from the United States District Court for the Western District of Texas USDC No. 1:19-CV-607
Before SMITH, DUNCAN, and OLDHAM, Circuit Judges.
STUART KYLE DUNCAN, CIRCUIT JUDGE
In 2005, John Rebold formed the Enelre Foundation as a Stiftung under the laws of Liechtenstein. Stiftung is a German word meaning, roughly, "foundation" or "endowment." Enelre's purpose is to provide education and general support for Rebold and his children. Rebold transferred $3 million to Enelre's bank accounts. He later learned the IRS would consider Enelre a "foreign trust," triggering certain reporting requirements. Rebold belatedly filed the reports, and the IRS assessed penalties. Rebold paid the penalties and then filed this refund action. The district court granted summary judgment for the government. We affirm."
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The decision was released on August 11, 2022. An application for a rehearing was filed on September 26, 2022 and denied on October 11, 2022.
(The oral arguments from July 6, 2022 can also be heard on youtube.)
The full text of the judgement ruling against Ms. Host is available at:
https://casetext.com/case/rost-v-united-states-2
Saturday Nov 12, 2022
Saturday Nov 12, 2022
Crossposted with Johnalanpod.Podbean.com
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This is part 1 of a conversation with Keith Redmond and John Richardson about the fairness or unfairness of the United States government's tax law which taxes Americans who live overseas. Many of these Americans have no assets in the United States, no residence in the United States, and live permanently overseas. Is it fair that these Americans must live under the U.S. tax code?
John and Keith are co-founders of https://seatnow.org/
John RICHARDSON can be contacted at www.citizenshipsolutions.ca and citizenshipsolutions@proton.me
Keith Redmond can be contacted at https://www.facebook.com/groups/AmericanExpatriates and US_Overseas_Advocate@outlook.com
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Wednesday Nov 02, 2022
Wednesday Nov 02, 2022
On November 2, 2022 the Supreme Court Of The United States heard the Bittner case. The issue was whether in the context of a non-willful FBAR penalty:
1) The government is restricted to imposing one penalty based on the failure to file one FBAR; or
2) The government may impose one non-willful penalty for each of the accounts that should have been reported on the single FBAR form.
This podcast contains the audio file of the live arguments.
A transcript of the arguments is here:
http://citizenshipsolutions.ca/wp-content/uploads/2022/11/21-1195_5i36.pdf
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The FBAR penalties imposed on Mr. Bittner were based on years when he was a US citizen living outside the United States in Romania. Therefore, this decision is hugely important for the community of Americans abroad.
I have previously discussed the Bittner case in podcasts with:
Virginia La Torre Jeker - October 31, 2022
Jimmy Sexton - November 1, 2022
Anthony Parent - November 1, 2022
The following twitter thread reflects my impressions while listening to the arguments ...
https://threadreaderapp.com/thread/1587807427327655937.html
Monday Oct 31, 2022
Monday Oct 31, 2022
John Richardson - @Expatriationlaw
Jimmy Sexton - @JimmySextonLLM
Should non- willful FBAR penalties be imposed for the failure to file the form (one penalty) or the failure to report each account on the form (multiple penalties)?
What is the purpose of the FBAR when it duplicates information that is included in Form 8938?
The court documents including the amicus briefs are here ...
https://www.supremecourt.gov/search.aspx?filename=/docket/docketfiles/html/public/21-1195.html
Sunday Oct 30, 2022
Sunday Oct 30, 2022
October 30, 2022 - Participants Include:
Virginia La Torre Jeker - @VLJeker
John Richardson - @Expatriationlaw
Should non- willful FBAR penalties be imposed for the failure to file the form (one penalty) or the failure to report each account on the form (multiple penalties)?
The court documents including the amicus briefs are here ...
https://www.supremecourt.gov/search.aspx?filename=/docket/docketfiles/html/public/21-1195.html
Tuesday Oct 25, 2022
Tuesday Oct 25, 2022
October 25, 2022 - Participants Include:
Craig Swartz - Candidate For Congress In Ohio - @ForSwartz
John Richardson - @Expatriationlaw
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Visit the Craig Swartz Campaign Site at:
Tuesday Oct 25, 2022
Tuesday Oct 25, 2022
John Richardson - @Expatriationlaw
Jimmy Sexton - @JimmySextonLLM
We discuss Charles Adams Lesson 27:
27. "War means heavy expenditures. Heavy expenditures mean heavy taxation. Heavy taxation strangles commerce and fosters economic stagnation and decline."
Continuing our podcast series:
For Good And Evil Podcast 1 - October 25, 2021
For Good And Evil Podcast 2 - November 1, 2021
For Good And Evil Podcast 3 - November 8, 2021
For Good And Evil Podcast 4 - November 15, 2021
For Good And Evil Podcast 5 - November 22, 2021
For Good And Evil Podcast 6 - November 29, 2021
For Good And Evil Podcast 7 - December 7, 2021
For Good And Evil Podcast 8 - January 10, 2022
For Good And Evil Podcast 9 - January 17, 2022
For Good And Evil Podcast 10 - January 24, 2002
For Good And Evil Podcast 11 - January 31, 2022
For Good And Evil Podcast 12 - February 7, 2022
For Good And Evil Podcast 13 - February 14, 2022
For Good And Evil Podcast 14 - March 7, 2022
For Good And Evil Podcast 15 - March 14, 2022
For Good And Evil Podcast 16 - March 20, 2022
For Good And Evil Podcast 17 - March 20, 2022
For Good And Evil Podcast 18 - April 18, 2022
For Good And Evil Podcast 19 - April 25, 2022
For Good And Evil Podcast 20 - May 2, 2022
For Good And Evil Podcast 21 - June 27, 2022
For Good And Evil Podcast 22 - July 4, 2022
For Good And Evil Podcast 23 - July 25, 2022
For Good And Evil Podcast 24 - August 5, 2022
For Good And Evil Podcast 25 - August 22, 2022
For Good And Evil Podcast 26 - October 3, 2022
In this episode we continue the teaching of Charles Adams - Lesson 27:
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27. "War means heavy expenditures. Heavy expenditures mean heavy taxation. Heavy taxation strangles commerce and fosters economic stagnation and decline."
Friday Oct 07, 2022
Friday Oct 07, 2022
October 7, 2022 - Participants include:
Greg Swanson - @IntlOwl
John Richardson - @Expatriationlaw
My discussion continues with Greg Swanson who is a U.S. citizen living in Switzerland. In our July 14, 2022 where Greg explained why:
The U.S. Tax System Has Turned US Citizenship Into A Global Disability
In that first podcast, Greg asked an important question for the 21st Century:
Why should a U.S. citizen living outside the United States, not have the same opportunities in life as his neighbour - a German citizen - living outside of Germany?
In this podcast Greg explains how and why the US extra-territorial tax regime hurts ALL Americans regardless of where they live. Therefore, citizenship and FATCA hurt America!
Greg has written some great articles which are available on Medium.
Monday Oct 03, 2022
Monday Oct 03, 2022
John Richardson - @Expatriationlaw
Jimmy Sexton - @JimmySextonLLM
We discuss Charles Adams Lesson 26:
26. "'Liberty tends to carry the seeds of its own destruction, for freemen will often grant extensive taxing powers to their governments, not realizing that these taxing powers will, if carried to excess, destroy the very liberty they sought to preserve."
Continuing our podcast series:
For Good And Evil Podcast 1 - October 25, 2021
For Good And Evil Podcast 2 - November 1, 2021
For Good And Evil Podcast 3 - November 8, 2021
For Good And Evil Podcast 4 - November 15, 2021
For Good And Evil Podcast 5 - November 22, 2021
For Good And Evil Podcast 6 - November 29, 2021
For Good And Evil Podcast 7 - December 7, 2021
For Good And Evil Podcast 8 - January 10, 2022
For Good And Evil Podcast 9 - January 17, 2022
For Good And Evil Podcast 10 - January 24, 2002
For Good And Evil Podcast 11 - January 31, 2022
For Good And Evil Podcast 12 - February 7, 2022
For Good And Evil Podcast 13 - February 14, 2022
For Good And Evil Podcast 14 - March 7, 2022
For Good And Evil Podcast 15 - March 14, 2022
For Good And Evil Podcast 16 - March 20, 2022
For Good And Evil Podcast 17 - March 20, 2022
For Good And Evil Podcast 18 - April 18, 2022
For Good And Evil Podcast 19 - April 25, 2022
For Good And Evil Podcast 20 - May 2, 2022
For Good And Evil Podcast 21 - June 27, 2022
For Good And Evil Podcast 22 - July 4, 2022
For Good And Evil Podcast 23 - July 25, 2022
For Good And Evil Podcast 24 - August 5, 2022
For Good And Evil Podcast 25 - August 22, 2022
In this episode we continue the teaching of Charles Adams - Lesson 26:
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26. "'Liberty tends to carry the seeds of its own destruction, for freemen will often grant extensive taxing powers to their governments, not realizing that these taxing powers will, if carried to excess, destroy the very liberty they sought to preserve."
Friday Sep 30, 2022
Friday Sep 30, 2022
September 30, 2022 - Participants Include:
Anthony Parent - @IRSMedic
Keith Redmond - @Keith__Redmond
John Richardson - @Expatriationlaw
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Abstract - FATCA LEGISLATION AND ITS APPLICATION AT INTERNATIONAL AND EU LEVEL: - AN UPDATE:
"Abstract This in depth analysis updates a previous report commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs and describes the most relevant developments in the period 2018-2022 in chronological order and then draws conclusions which include a systemic view of the current institutional dynamics, a provisional legal analysis on the basis of existing rules and policy suggestions."
Conclusion - Policy Suggestions:
7.3. Policy suggestions This paper concludes confirming the policy suggestions of the Report 2018 and advised by the European Parliament in the resolution of 5 July 2018 that attain to (i) bilateral EU-U.S. policies, (ii) unilateral EU policies, and (iii) multilateral policies in a broader sense. These policy suggestions are obviously impacted by the institutional constraints that have been highlighted in this in depth analysis. Bilateral EU-U.S. policies essentially imply the modifications of IGAs to align with GDPR and providing full reciprocity in the transfer of tax data between the EU and the U.S.
Unilateral EU policies are a second-best choice, should bilateral policies fail. There are three main actions in this area. • The U.S.’s failure to honour reciprocal guiding information exchange could lead to an investigation into the possibility for the EU of enacting “blocking legislation about reciprocity” that would apply until such time as the reciprocity is re-established in relation to FATCA. • “Blocking legislation about selected items” would apply until such time as certain FATCA criticalities in respect to Accidental Americans are mitigated by the U.S. If the EU were to block the application of FATCA (pending resolution of the outstanding issues surrounding FATCA) and, as a result, the U.S. were to impose a 30% withholding on U.S. source payments to EU financial institutions requested by FATCA, 26 then the EU could apply a mirroring 30% withholding on EU source payments to U.S. financial institutions and their operations in the EU. • To allow only transfers from the EU of FATCA Data associated with U.S. Persons who are not EU residents until a predefined set of bilateral measures are adopted, for example: (a) renegotiation of IGA to afford reciprocal treatment with respect to exchange of tax information; and (b) establishment of safeguards to data protection under GDPR. This would imply that FATCA would continue to operate in respect to transfers of FATCA Data associated with U.S. persons who are not EU residents or citizens, but there would be standstill clause for transfers of FATCA Data associated with U.S. persons who are EU residents or citizens. There are also options on the direction of multilateral policies in a broad sense. Automatic exchange of tax data and FATCA were established as multilateral measures in the fullest sense of the elimination of any kind of free rider to a global system of full sharing of tax information among countries. Multilateralism in the exchange of tax information should therefore be revived at EU-U.S.and multilateral level going back to the original spirit of FATCA as an initiator of such multilateralism, meant as a common method to share tax information to counteract tax evasion on a global scale."
You can access the report here:
https://www.europarl.europa.eu/RegData/etudes/IDAN/2022/734765/IPOL_IDA(2022)734765_EN.pdf
John Richardson summary on Twitter:
https://threadreaderapp.com/thread/1575087700767428608.html