11–20 of 179 posts
What do they mean "US income"? How do they enforce it?
But nope, if you live abroad it's twice as complicated for an ex-pat.
Worse still, if you're self-employed (like I am) and a freelancer it's ever more paperwork and edge cases to be careful of.
And the cherry on top! Software engineers have a whole different set of tax rules. Fuck you IRS, you greedy pricks.
So are they policing all the corporations with this law too? Or just Average Joe?
If I understand correctly, the law is aimed at banks to disclose assets of americans with more than 50k in savings, the banks are overreacting and not handling accounts of any americans as a result. So I wouldn't say the law targets the average Joe (I know very few average Joes with $5k in savings, let alone $50k), but the banks are. Perhaps its a calculated move to get people upset with the IRS/Treasury to create ba…
Really? The USA is considering everything as under its jurisdiction, but the banks are overreacting?
As a permanent resident, it's the one thing that gives me pause about applying for citizenship (I know that the same rules apply to me whilst I'm a permanent resident, but I'm concerned about what happens in the future if I decide to leave the USA).
Random question: If you had dual citizenship (e.g. Canadian + US), do you even need to tell a bank about your US citizenship when opening an account? Can't you just open it as if you were a Canadian only? Even your US SSN wouldn't be associated with it, so for all the US G and the bank know you're just someone with the same name and birthday. As a random aside: The US Gov is practically the only country in the world…
If they bank (or its parent) wants to be able to do business in the US, yes.
This is part of the same overreach as insisting data resident in an Irish data centre, belonging to an Irish entity, is subject to the US courts in violation of Irish and EU law.
"Steep penalties add muscle to the law. If a foreign bank – not just in Canada, but anywhere – fails to report even a single US citizen as a customer to the IRS, the US Treasury department would withhold 30% of the banks’ US income as penalty." What do they mean "US income"? How do they enforce it?
It seems to me that the complaint is from people who don't live in the US and have very little attachment to it other than convenience.
As a citizen of Uruguay I find the last paragraph very funny: “I feel about the same obligation to file US tax papers as you would if the supreme court of Uruguay all of a sudden decided you were a citizen and had to file a tax return there,” he tells the Guardian. By the way, Uruguayan citizenship is VERY easy to acquire. American expatriates (and dollars :) ) welcome here :) Edit: easy as in requirements. There's a…