YaY!!!!! Maybe it won't happen : the invasion by the USA on the world....

[riverbendviewgal]

IRS not fully ready for law against offshore tax evasion: watchdog

WASHINGTON (Reuters) - The Internal Revenue Service has spent 19 months and more than $8.6 million getting ready to enforce a new law against offshore tax evasion that takes effect next year, but the agency is still not prepared, a watchdog group said on Thursday.

More IRS computer and staff improvements are needed to administer the Foreign Account Tax Compliance Act, said the Treasury Inspector General for Tax Administration

http://my.chicagotribune.com/#section/-1/article/p2p-78374546/

FATCA has led to many USA citizens giving up their citizenship
http://www.forbes.com/sites/kellyphillipserb/2013/08/11/irs-releases-list-of-americans-hoping-to-expatriate-number-tops-1000/

To read further about FATCA see previous thread. with over 700 views

http://www.democraticunderground.com/10872772

[lame54]

1. FATCA has led to many USA citizens giving up their citizenship...

sounds like it's working already

[riverbendviewgal]

3. For those who relinquished in 70s,80s,90s

by becoming dual citizens do not have to renounce. There is huge increase in those duals now asking for CLNs (citizenship loss of nationality) from the US counsels.... They do not have to pay the exit tax of $450 and file tax returns and FBURS. The usual wait for CLN was 2 - 3 months...Now 6 - 8 months. I am not sure if relinquishments are included in the list quoted in the article.

Many ex pats do not want the hassle and expense....Most do not owe any US Taxes due to the higher taxes they pay where country where they are citizens of and live. The expense of filing is very very costly as it requires tax specialists who charge over a thousand or more for each year to file.. One can not file one's taxes anymore. Not allowed by IRS. In the Ottawa US counsel there is a sign to NOT have H & R block do your US tax returns because they make many mistakes (which you are penalized and fined heavily by IRS.)

That is the story, Folks .....
FATCA is a bad law, not thought out and no cost analysis done.

[NoOneMan]

2. A flipside of FACTA.

US residents want expats to pay for their tax breaks. Sorta of makes me want US residents to get screwed paying for this expensive bureaucracy.


Already $8.6 million down to hassle working families living, working, and paying taxes abroad.

[dixiegrrrrl]

4. Our Gov. does not seem to do computer systems well.

Well, at least the non-spying, non-drone killing part of the Gov.