US proposes relief for some who renounce US citizenship: Is FATCA a motivating factor?

Published on February 11, 2015 at 10:45, by Roy A Berg JD, LLM On February 2, 2015 the Obama Administration acknowledged the plight of certain US citizens residing abroad and proposed limited relief. In the “General Explanations of the Administration’s Fiscal Year 2016 Revenue Proposals”1, known as the “Green Book,” the Administration proposed a change to…

United States: Foreign Reporting - Adding Another Layer Of Disclosure

27 March 2013 Article by Ian Halligan  The Department of the Treasury finalized the new Form 8938, “Statement of foreign financial assets” in late 2011. The form formalized the disclosures required by IRC Section 6038D for individual income tax returns for 2012 onward. This added another layer to the disclosure of foreign assets, which has been…

Canadians paying for OBAMAcare?

When the United States passed the new Health Care Act, commonly known as Obamacare, Canadians and many others around the world rejoiced at seeing the USA begin to implement policies similar to what they are used to. However, the devil is in the details and the many Americans in Canada are not quite as thrilled…