The People’s Republic of California is Sinking
"California lost 73,578 businesses from 4Q11 to 4Q12 to rank last among states. The decline was a drop of 5.2%." Continue reading →
IRS FBAR forms no longer accepted by postal mail
"The IRS and the Financial Crimes Enforcement Nework (FinCen) announced on Friday that paper FBARs will no longer be acceptedas of today, July 1, 2013. If you have not filed your 2012 FBAR yet and you intend to file it yourself, you will need to create an account at FinCen’s Bank Secrecy Act (BSA) e-filing website http://bsaefiling.fincen.treas.gov/main.html to file your FBAR. Professional tax software programs are not yet capable of e-filing FBARs so professional tax preparers must manually enter your FBAR data into the FinCen website. Tax software companies are frantically working on a solution to allow professional tax preparers to e-file the FBARs." Continue reading →
Privacy debate looms as Canada prepares to share bank data with U.S.
"A debate over fighting tax evasion versus protecting personal privacy looms large for Canada as it prepares to announce a deal with the United States to share banking information. FATCA was signed into law in March 2010, and many of its provisions start on Jan. 1, 2014. It requires financial institutions in other countries to tell the U.S. Internal Revenue Service about Americans’ offshore accounts worth more than $50,000. Canada and the U.S. are negotiating whether Ottawa or the financial institutions will send the information, but the clock is ticking. If no deal is reached, banks operating in Canada will have to give the data directly to the IRS." Continue reading →
Surveying the wreckage of torpedoed Swiss-US tax deal
"Following parliament’s rejection of a deal to solve the United States tax evasion dispute, there are grave doubts in both Switzerland and the US that serious damage to the Swiss financial system can be prevented. Switzerland’s lead negotiator, Michael Ambühl, already painted a bleak picture of life without a US agreement during an address back in February. 'Whether we like it or not, the US has the ability to destabilize the entire Swiss financial centre by taking measures against Swiss banks,' he said. It is believed that the DoJ already has some 14 other Swiss or Swiss-based banks in its legal cross hairs, including Credit Suisse, Pictet and several cantonal banks." Continue reading →
US Senate to retroactively punish runaway tax slaves
"Years ago, it was virtually unheard of for someone to give up his/her US citizenship. Then, one by one, a handful of famous cases surfaced… like Sir John Templeton, who renounced his US citizenship in 1964 and moved to the Bahamas. At the time, Templeton was able to save $100 million in taxes to the US government. But anyone view Templeton poorly for his lack of patriotism, it’s important to note that the man was one of the greatest philanthropists in history. And, rather than finance more bombs, guns, and military folly at the height of the Vietnam War, he chose to channel his wealth into improving the lives of millions of people around the globe." Continue reading →
French bank watchdog levies stiff fine against UBS over tax avoidance
"A French banking watchdog said on Wednesday that it fined the French branch of UBS, Switzerland's largest bank, ten million euros for helping hundreds of well-heeled clients stash money away in undeclared Swiss accounts. The bank immediately hit back in a statement, protesting that the fine, about $13 million, was disproportionate. The issue jumped back to the top of the government's agenda in the wake of a scandal surrounding the former budget minister Jérôme Cahuzac, who in April was himself placed under investigation for tax fraud. His role as budget minister included tackling tax evasion." Continue reading →
The French National Sport Is Taxation, not Soccer
"It seems that Monaco’s fiscal policy is good for the local soccer team. But it seems there’s a controversy in this fiscal paradise. Or, to be more accurate, there’s a controversy in the tax hell next door. The French are complaining that lower tax rates are an 'unfair' form of tax competition. So how did the French react? By engaging in their true national sport – imposing higher taxes. Naturally, their 'solution' is to impose higher taxes in Monaco, not to lower taxes in France. It’s also worth noting that the French approach won’t work. The French soccer league will continue to lose top players so long as the government has a 75% tax system." Continue reading →
Edward Snowden and Joshua Glover
"The comparisons to Edward Snowden are obvious: 'why did Glover flee Missouri? Why didn't he stay in Missouri and 'work within the system' to gain his liberty?' Yeah, the same way so many other slaves had secured their freedom! With the help of its lapdog media - with which neither Booth nor Glover had to contend - the federal government demands of Russia what it demanded of Wisconsin in the mid-19th century: the return of one of its subjects." Continue reading →
Don’t Leave Home Without This
"Since 1986, the U.S. State Department has been informing the IRS of all persons who renew their U.S. passports using a foreign address. Since passport renewals require an applicant’s Social Security number, this information is also used by the IRS to see if applicants have filed income tax returns. An IRS official speaking in Zurich said a special effort was being made by the agency to track all U.S. citizens who’ve renewed U.S. passports while living in Switzerland. So, now we have two out of control U.S. government agencies that have the ability to track your private financial activity and revoke your ability to travel freely through your U.S. passport." Continue reading →
Honduras Startup City Redux: from RED to ZEDE to … Freedom?
"The legislation triggered fierce opposition by municipalities, which feared competition. Those objections were answered in floor debate by the observation that municipalities could themselves convert to ZEDE, winning all the same advantages. On June 12, 2013, the ZEDE legislation passed by a vote of 102 to 26. In broad terms, the ZEDE legislation authorizes the creation of startup cities that will operate under the supervision, but not direct control, of the central government. The ZEDE might not sound much different from China’s special economic zones or Dubai’s International Financial Centre, but the Hondurans have authored a daring new approach to governance." Continue reading →
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