FATCA woes!

FATCA is conquering the world!  Hitler would have been proud!  

Fortunately, there is considerable resistance to what amounts to subversion of the sovereignty of other countries.  Plus, do YOU want to have government agents snooping into your financial affairs...just 'because' you 'might' be doing something illegal?  Hmmmm?

Have a look at this entry on a Google Blog:

RepealFATCA.com Files Freedom of Information Act Request on ...

http://1389blog.com Fri, 11 Oct 2013 18:34:54 GMT

As noted previously, FATCA (the “Foreign Account Tax Compliance Act”) cannot succeed unless the U.S. Treasury Department is successful in coercing a sufficient number of countries into enforcing this foreign (i.e., U.S.) law ...

Originally from : http://1389blog.com/2013/10/11/repealfatca-com-files-freedom-of-information-act-request-on-intergovernmental-agreements/

http://www.repealfatca.com/

This is good information and Americans need to get busy and repeal FATCA.  To fail to do so will cause a lot of regret later!

The Great Con

This is only about taxes peripherally.  The IRS was created the same year as the Federal Reserve System and the secret tax of inflation started then.  Mike Maloney has created a video that greatly simplifies the explanation of what is going on and why it's important to you.  The IRS is mentioned in the video and why it exists to tax (rob) you of your hard earned money.  Please do yourself a favor and watch the video.  Click here.  Sometime, if you have time, go to my blog about currency and read some there, too.  After you have learned about the currency system, it will help you plan your future.

Best to you.

Obamacare

Well, the new so-called Affordable Care Act is being implemented with all the grace of an elephant ballet.  To say the system if woefully unprepared would be putting it mildly.  There are tremendous problems with the implementation, even recognized by avid fans of the act.  Well, we'll concentrate on how people living overseas are affected.  According to the official ACA web site:

“U.S. citizens living outside the U.S.

U.S. citizens living in a foreign country are not required to get health insurance coverage under the Affordable Care Act. If you’re uninsured and living abroad, you don’t have to pay the fee that other uninsured U.S. citizens may have to pay.
Generally, health insurance coverage in the Marketplace covers health care provided by doctors, hospitals, and medical services within the United States. If you’re living abroad, it’s important to know this before you consider buying Marketplace insurance.
Questions? Call 1-800-318-2596, 24 hours a day, 7 days a week. (TTY: 1-855-889-4325) “

 Of course, if you think I may be misinformed, click here to see for yourself.

If you live permanently overseas, chances are you'll never have to deal with this.  If you are on temporary assignment and will return someday, keep your eyes peeled as to the developments so you'll know how to handle things when you return.

Yet more FBAR stuff...

Well, in typical government fashion, when I called the help desk to see about some details concerning getting registered as a 3rd party electronic filer of FBAR forms, the automated telephone answering system had me running in circles.  At one point, it was switching me back and forth between two messages and the only escape was to hang up and start over.  Sheeesh.  Is this any way to run a criminal, er, government enterprise? So, finally, I had to send an email after wasting almost an hour.  I mentioned the telephone number for FBAR help in my previous post; don't bother.  Send an email or, even better, email me and, if I know the answer, I'll tell you.  If I don't, I'll find out and make it a post. 

If you want to receive notices of new information, subscribe at the right and I'll keep you in the loop.  It's a free service so you have nothing to lose.

That's all for now.

More FBAR Stuff

Remember FBAR?  That nasty form that MUST be filed by June 30 each year for the previous calendar year?  Well, the US Treasury department is making it easier (?!) to file now.  Read this notice:

Effective July 1, 2013 – Electronic filing of FBARs is mandatory

E-filing is a quick and secure way for individuals to file FBARs. Filers will receive an acknowledgement of each submission. For more information about electronic filing, read the FinCEN news release . Help with electronic filing technical questions is available at BSAEfilinghelp@fincen.gov or through the BSA E-Filing Help Desk at 866-346-9478.

Now, you are not allowed to MAIL in the form.  Electronic filing is required.

Well, on the plus side, you won't have to worry about postage now.

Additionally, there is a provision to allow you to hire someone to file for you.

Details in another post.

Cheers.

Implementing FATCA

Here's a news flash gang!  FATCA implementation has been delayed for 6 months until July 1, 2014.  Who cares why they say, I think they are getting serious resistance, if for no other reason than the technical difficulty to comply.  FATCA is a deal killer and will have the unintended consequence of US Citizens being unable to do business internationally because foreign banks are so scared of the ramifications if they do it wrong.  Business people will not be able to get wire transfers in a timely manner, if at all, and deals will die.  Official estimates are that FATCA will gather $87 billion over a ten year period. Huh? That's $ 8.7 billion per year with the risk of bringing international trade to a dead stop.  What kind of impact will that have on an annual deficit of over $600 billion?  Exports from the US are over a trillion, yes trillion, dollars each year.  If that is damaged, not only will business suffer domestically but tax revenues will fall off by more than FATCA could ever gain. 

Special stuff for Chile

Just to let you know, I have the regulation in front of me as I type.

A “foreign eligible entity” is NOT an S.A. (Sociedad Anonima) for our purposes.

That means E.I.R.L.’s and Limitadas ARE “foreign eligible entities”.

Unless a Limitada elects to be a “pass-through” within 75 days of its formation, it is a partnership and all the foreign partnership rules apply.

If the owner of the EIRL does not have limited liability, the EIRL is disregarded by default and the owner doesn’t have to do anything.

I don’t know if the Limitada and EIRL designations provide limited liability.  If they do, then the elections would have to be made in a timely manner.

That’s good news.  Plus, the fact that Social Security has exempted US citizens and residents who are living in Chile, makes things a lot easier.