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  Topic: U.S. issues final tax anti-
evasion rules, enforcement ahead
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U.S. issues final tax anti-
evasion rules, enforcement ahead

Reuters, by Patrick Temple-West

Original Article

Posted By:LittleHoodedMonk, 1/17/2013 5:33:12 PM

Washington - Non-U.S. pension funds and mutual funds were spared the full brunt of new U.S. information-reporting rules on overseas accounts meant to catch Americans who dodge U.S. taxes by keeping their assets offshore. Chiefly targeting banks, the Foreign Account Tax Compliance Act (FATCA) rules, published by the U.S. Treasury on Thursday, require foreign financial institutions with $50,000 of any American taxpayer´s assets to report the holdings to the U.S. Internal Revenue Service. (Snip) The law, the first of its kind globally, has been decried by companies and U.S.-ally countries as

Comments:
I´ll be looking for Hollyweird types and large 0bama supporters to begin to scurry about over this. Or, is it primarily aimed at the average person saving for their retirement every year? This is going to hurt.

      


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Reply 1 - Posted by: whyyeseyec, 1/17/2013 5:42:40 PM     (No. 9122845)

Does this mean the Obama`s and Clinton`s now have to report their hidden millions locked away in the Cayman Island`s or elsewhere?

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Reply 2 - Posted by: HPmatt, 1/17/2013 6:07:06 PM     (No. 9122891)

If not already done, for a couple of thousand $ a tax attorney can create an offshore company with foreign directors/officers that can hold your non-US assets for a small fee.

The foreign company will pay several thousand dollars a year for tax returns but it will be created to comply with IRS law, and still not report to the IRS.

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Reply 3 - Posted by: Grambo, 1/17/2013 6:27:08 PM     (No. 9122938)

Hollande and France are learning what happens when you blanket a free people with confiscatory taxes; they leave. Obama is about to learn the same lesson. The world is a big place, and there are people out there who can and will seize the opportunity when politicians mete destructive policy on their free citizens.

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Reply 4 - Posted by: snowoutlaw, 1/17/2013 7:03:41 PM     (No. 9123014)

Getting the tax cheats in the WH to pay up might be more effective.

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Reply 5 - Posted by: nonsense, 1/17/2013 7:52:41 PM     (No. 9123087)

How will this apply to Mooch, Pooch and the girls accounts, as well as Chief Justice Roberts account at the Vatican bank?

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Reply 6 - Posted by: jar, 1/17/2013 8:00:03 PM     (No. 9123103)

Even if you decide to leave and renounce your US citizenship, you are liable for US taxes for the next ten years.

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