5 Responses to “They’re Closing In Using The FATCA Squeeze”

  1. John August 27, 2012 at 12:39 PM #

    This is good enough reason to renounce U.S. citizenship. Shame on USA.
    I guess this brutal act will affect USA in the future. Many will renounce, and many will stop do business with USA.

    • danielkovnat August 27, 2012 at 12:59 PM #

      Thank you for your comment. You may be correct that this will come back to bite the USA in the but. However, renunciation of one’s citizenship is a serious matter and must, in my opinion, be done on an individual basis thinking about all the consequences. I think that FATCA and the bilateral agreements being formed raise several questions. Probably the most important is respect of individual privacy.The U.S. Treasury and foreign governmental taxation agencies may very well be overstepping the boundary. I believe they are when they exchange private financial information without any due cause. If they have reason to suspect tax evasion, they should investigate to the fullest, but this is not the case with this planned wanton opening of our books. Nevertheless, the handwriting is on the wall, and it says to those individuals who do not fully report and pay taxes on their income, “WATCH OUT.” And to us little fish, “BE CAREFUL AND TELL THEM THE TRUTH — THE WHOLE TRUTH.” If you have nothing to hide, put up with their games and fill out all their forms. If you have something to hide, call your lawyer.

      • outragedcanadian August 27, 2012 at 11:59 PM #

        I’m not sure of your exact situation, but in my situation, I have nothing to hide, but I also do not believe the IRS has any right to any of my private financial information, nor that of my spouses. I was born in the US, left at age 6 and have never lived there since. I became a Canadian 36 years ago and am completely and defiantly resentful of the IRS trying to re-claim my citizenship in order to apply huge fbar fines. The IRS wants not only my information but th einformation on any joint acounts I hold with my Canadian spouse, any accounts I might have authority on, including business and charitable. That’s just wrong, wrong, wrong. I’m not telling them anything!

      • danielkovnat August 28, 2012 at 2:02 AM #

        Go for it. In my opinion you are are correct as regards their invasion of privacy. You are brave.

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