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Benefits Uncertain of Tax Break for U.S. Citizens Working Abroad

Benefits Uncertain of Tax Break for U.S. Citizens Working Abroad | Expat issues | Scoop.it
The economic benefits of the income exclusion for U.S. citizens working abroad are uncertain, according to a new government report.
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Expats & obamacare - a new twist

New legislation that could change the way obamacare applies to expats

Marilyn Williams's insight:

I’ve moved overseas.  Do I have to sign up for the Affordable Care Act (Obamacare)?

ACA responds: The ACA website has stated since 2012 that Obamacare does not apply to Americans living overseas.  Currently, Healthcare.gov and the IRS (see question 12) confirm this. However, there has been a ‘twist’ this month, due to Rep. John Carney’s H.R. 4414 which was rejected by the House with a vote of 257-159 in favor of the bill because it did not receive the required 2/3 majority.  Named the `Expatriate Health Coverage Clarification Act of 2014,' the bill calls for an exemption from compliance with certain rules regarding annual fees for U.S. insurance companies covering American expat employees of U.S. companies. It also defines “Minimal Essential Coverage” and “Qualified Expatriate”, arguing that expats are not U.S. health risks.  It is unclear at this point what impact, if any, the rejection of this bill may have on Americans living and working abroad. With just a 20% chance of being enacted, this bill may be considered in the week ahead.  You can read more about the effects of Obamacare on American expats here and here.

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Australia and the United States sign an intergovernmental agreement to implement FATCA | The Treasury

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Now the fun starts!!

Experiencing how it will effect US expats here in Australia 

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The Daily Bell - The Next IRS Tactic vs. Expats and Accidental Americans?

The Daily Bell - The Next IRS Tactic vs. Expats and Accidental Americans? | Expat issues | Scoop.it
According to the State Departments estimate (January 2013), approximately 6.8 million Americans live abroad. Many more accidental Americans live outside the U.S. In the future, both may confront a powerful new weapon wielded by the Internal Revenue Service (IRS). An accidental American is a person who lives in Canada (or another non-U.S. nation) and holds dual citizenship, whether or not he knows it. For example, it includes every Canadian child born to an American parent even if he never
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They were children when Social Security overpaid their parents. Now the Treasury is seizing their tax refunds.

They were children when Social Security overpaid their parents. Now the Treasury is seizing their tax refunds. | Expat issues | Scoop.it
The Treasury has intercepted millions in tax refunds, often without notice or proof that money is owed.
Marilyn Williams's insight:

Something new we have to worry about!!!

now that the IRS has our foreign bank account details, they will just reach out and grab whatever they want!!

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IRS Still Running Windows XP Despite Microsoft’s Warnings

IRS Still Running Windows XP Despite Microsoft’s Warnings | Expat issues | Scoop.it
IRS Still Running Windows XP Despite Microsoft’s Warnings
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Pensions Create Yet Another Tax Trap For U.S. Expatriates

Pensions Create Yet Another Tax Trap For U.S. Expatriates | Expat issues | Scoop.it
Think your taxes are confusing? Ha! Try living and working abroad as a U.S. citizen. As the following guest column details, even something as  seemingly ordinary as participating in a pension plan can create huge tax complications. (For less esoteric advice on preparing your 1040 for 2013 and minimizing your [...]
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Nearly One-third of U.S. Expats Confused by U.S. Tax Filing Requirements -- LONDON, March 5, 2014 /PR Newswire UK/ --

Nearly One-third of U.S. Expats Confused by U.S. Tax Filing Requirements -- LONDON, March 5, 2014 /PR Newswire UK/ -- | Expat issues | Scoop.it
LONDON, March 5, 2014 /PRNewswire/ --H&R Block survey indicates more than three-quarters use U.S.-based tax...
Marilyn Williams's insight:

We expats can all relate to this!!

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New Jersey Taxes Could Eat Up All Of Peyton Manning's Super Bowl Earnings

New Jersey Taxes Could Eat Up All Of Peyton Manning's Super Bowl Earnings | Expat issues | Scoop.it
Peyton Manning is trying to secure his NFL legacy with a second Super Bowl crown. The complicated U.S. tax code though could mean a N.J. tax rate of 102% on his Super Bowl earnings.
Marilyn Williams's insight:

Sometimes we forget the tax issues of athletes and performers.

can you imagine the tax man taking 100% of your pay and then asking for MORE!?!?

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Even U.S. Banks Must Aid IRS Hunt For Offshore Accounts

Even U.S. Banks Must Aid IRS Hunt For Offshore Accounts | Expat issues | Scoop.it
FATCA is All About Getting Foreign Banks To Report Americans, but American Banks Too Must Report.
Marilyn Williams's insight:

It's not just foreign banks searching for offshore investors,

Banks in the US are searching for them too

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IRS top cop says the agency is too hard on offshore tax dodgers - The Term Sheet: Fortune's deals blogTerm Sheet

IRS top cop says the agency is too hard on offshore tax dodgers - The Term Sheet: Fortune's deals blogTerm Sheet | Expat issues | Scoop.it
Millions of Americans could face draconian fines and penalties for offshore tax evasion.
Marilyn Williams's insight:

There is a simple solution...

just STOP being so hard on us!!!

crack down on every government employee!!!

they owe the IRS trillions according to the CBO

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TaxProf Blog: NY Times: A Window Is Opening for Change in Tax Code

TaxProf Blog: NY Times: A Window Is Opening for Change in Tax Code | Expat issues | Scoop.it
Marilyn Williams's insight:

Even IF Obama signed a tax reform bill,

would you trust the contents!?!?

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David Cameron: Taxes will rise unless we can raid bank accounts - Telegraph

David Cameron: Taxes will rise unless we can raid bank accounts - Telegraph | Expat issues | Scoop.it
David Cameron claims he will "have to put up taxes" unless tax officials are given draconian powers to raid people's bank accounts
Marilyn Williams's insight:

This isn't just an expat issue, this will effect everyone with a bank account in the UK!!

 

can you imagine having 2,000 pounds, dollars, drachmas whatever your local currency is on Monday morning and having NOTHING at lunchtime on Monday?  The govt wants the authority to take whatever it wants, whenever it wants, with absolutely NO due process of law, no notification, no court order, no nothing!!

 

how can people function under this regime?!?  The banking system will collapse as no one will trust their money in a bank!!!

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Giving effect to the Australian Government’s obligations under the FATCA intergovernmental agreement with the United States of America | The Treasury

Marilyn Williams's insight:

Your chance to tell OZ govt What you think of FATCA 

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BankThink: Surrendering U.S. Citizenship Over New Banking Regulation?

BankThink: Surrendering U.S. Citizenship Over New Banking Regulation? | Expat issues | Scoop.it
The deVere Group s Nigel Greenpm the trouble with FATCA.
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`Taxpayers Rely On IRS Guidance At Their Own Peril,' Tax Judge Rules

`Taxpayers Rely On IRS Guidance At Their Own Peril,' Tax Judge Rules | Expat issues | Scoop.it
Before filing your 2013 tax return, did you consult an Internal Revenue Service publication for clarification of some confusing point? That’s living dangerously.
Marilyn Williams's insight:

If you used any IRS publication, email exchange, or telephone conversation to clarify a point in preparing your tax return, the IRS doesn't have ANY legal obligation to give you the correct information and can then penalize you for an incorrect return if the information was incorrect.

 

this is the epitome of demonstrated incompetence and needs to be stopped!!!

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FATCA: IRS administers short-term painkiller for Australian financial institutions before Australia has an IGA | Lexology

FATCA: IRS administers short-term painkiller for Australian financial institutions before Australia has an IGA | Lexology | Expat issues | Scoop.it
It confirms the FATCA regime for Australian financial institutions is a Model 1 Intergovernmental Agreement (IGA). It permits Australian financial…
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How FATCA threatens to derail the American economy

How FATCA threatens to derail the American economy | Expat issues | Scoop.it
The US government should also waive FATCA’s reporting requirements for foreign financial institutions.
Marilyn Williams's insight:

this article is filled with frightening statistics, like 8 BILLION dollars will be sucked out of the world economy just to fund FATCA compliance programs

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Text and Video of Obama’s State of the Union Address

Text and Video of Obama’s State of the Union Address | Expat issues | Scoop.it
The transcript of President Obama’s State of the Union speech, as transcribed by the Federal News Service.
Marilyn Williams's insight:

In case you missed the broadcast, or just want to clarify a point or two, here is the entire text of the SOTU address.

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FATCA: making Americans non-Americans

FATCA: making Americans non-Americans | Expat issues | Scoop.it

The US Foreign Account Tax Compliance Act or FATCA has become such a contentious issue that the IRS Name and Shame list (a list of Americans renouncing their US citizenship ) is now regarded as a H...


Via Investors Europe Stock Brokers
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HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent

HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent | Expat issues | Scoop.it
Concerns about an imminent bank crash were further fuelled today at news that HSBC are restricting the amount of cash that customers can withdraw from their own bank accounts.  Customers were told that without proof of the intended use of their own...
Marilyn Williams's insight:

Follow up from yesterday's post about HSBC.  There could be huge trouble brewing in banking again.

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The Devolution of Financial Privacy - International Man

The Devolution of Financial Privacy - International Man | Expat issues | Scoop.it
It’s no surprise to anyone paying attention that the pace in which financial privacy is evolving worldwide is accelerating. And unfortunately for the worse.
Marilyn Williams's insight:

Once we lose our rights,

we will NEVER get them back!!!

govt NEVER gives up power without a revolution!!!

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Taiwan could benefit from delay of FATCA: official | Economics | FOCUS TAIWAN - CNA ENGLISH NEWS

Taipei, Jan. 18 (CNA) A possible delay in the United States' implementation of a tax information exchange with financial institutions across the world could help Taiwan gain leverage in the follow-up negotiations, local finance officials said...
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