USA laws to be implemented in Taiwan! 121 questions for the Taiwan Government Concerning FATCA!

Here is the latest:

profwilliambyrnes.com/2014/06/24 … ast-night/

fsitaxposts.com/2014/06/25/t … -iga-list/

The US Treasury will now deem Taiwan as compliant with FATCA regardless that it is still not signed.

chinapost.com.tw/taiwan/fore … wan-is.htm this article sums it up. In substance apparently now means it’s a done deal.

FATCA is now in full swing and even Russia and China came togther to sign it. This is not going to last long. In my opinion they signed on to help the dollar collapse much faster and watch the demise of the US being the foreign reserve owner!

Some interesting articles and developments!

Republicans Abroad/Overseas are stepping up to the plate! facebook.com/republicansove … 19?fref=nf Why they waited so long to do this, I have no idea, but they are the first. Democrats abroad have a survey thus far, but Republicans Abroad are extending their hands to Democrats abroad to join in the fight. Republicans abroad are trying to abolish once and for all Citizenship Based Taxation!!! I am not confident that anything can change but at least big groups are starting to get invovled!

Those of us fighting this have finally gotten the attention of the main stream media. The Economist has taken our side! economist.com/news/leaders/2 … tcas-flaws

Nigel Green is calling it an Imperialistic law and indeed it is! nigel-green.com/2014/07/01/i … -globally/

A video describing how F**ked up FATCA is: guerillastocktrading.com/sto … verywhere/

The media is finally picking up on some of this and it’s getting a lot of attention, most of it negative towards FATCA!

Weill I just tried to open a bank account in Taiwan… and I was given an IRS tax form…

I got up and left…

I’m not sending the US government anything but my middle finger.

[quote=“pacman7331”]Weill I just tried to open a bank account in Taiwan… and I was given an IRS tax form…

I got up and left…

I’m not sending the US government anything but my middle finger.[/quote]

Pacman…may I ask which bank? and what form? I am very curious how Taiwan banks manage this. I have another thread in Tax section where I hope to collect the various FATCA related encounters with Taiwan banks.

I am sure it was a W-9, they tried to push that stuff to me also, I walked out of one bank and told another not to worry, that I will keep my account under 50,000 provided they don’t bug me. I just wanted to make sure I had enough accounts in case the banks start their closing procedures, so far, no letters, but I am sure they will be coming this year.

ALL banks except for the five on that list will most likely ask you if you are an American, and by passport they will know. In addition even if you are not using a US passport they will ask you if you have a Greencard or what not. The CF has already begun!

Flakman, only those five banks in the article probably won’t ask you. All the other banks are now required to follow the IGA. As Taiwan is basically considered as signed. I did not see your other thread, but basically what I said above is what will apply, collecting the information may be interesting, but I am sure all banks are asking for it now.

JeffG…I am just curious how each bank handles the IRS request. I am sure all on the list will eventually provide at least a list of U.S. citizens according to some conditions. Meanwhile, I think collecting evidence of the difficulties faced by U.S. citizens in Taiwan might be useful later…well, just a hope.

Yep I totally agree with that. But i think the result will be the same, but yes, we should make some sort of list, it will provide evidence of the problems.

I was just denied a credit card from Cathay United pending a W9. Seems the madness spreads beyond deposit accounts.

I am not surprised Cathay United did that, but I am surprised that even credit cards now have to report that, as the newspapers indicated that credit cards were immune, so this is a big problem.
Post this in the other thread from flakman so we can keep track of all this junk. forumosa.com/taiwan/viewtopi … 9&t=132327 I believe it should be this thread.

Here is an interesting article from Forbes - Aug 2014( you should also read the comments ):

Dear Mr. President, Why I’m Leaving America

forbes.com/sites/robertwood/ … g-america/

Ok all… big, really big news. More like ridiculous big news…

globalnews.ca/news/1532175/want- … d-to-2350/
forbes.com/sites/robertwood/ … ip-by-422/

Originally to renounce your US citizenship it cost US$450, which was outrageous and very high already compared to many other countries in the world… Well, guess what? Our idiotic congress passed a law recently that now requires you to fork over US$2350 to rid yourself of a becoming overbearing, useless citizenship. This demonstrates many things. The first being that congress, as usual does not read bills it signs, and 2. That they want to screw each and every one of us who lives overseas regardless if we owe taxes or not, because many people this year, the highest probably in history have already renounced, and thus the US government is trying to curve it. It is a blatant attempt at control, like everything else we have been hearing about and the US government doing since the Bush administration.

For any of you who want to rid yourself of US citizenship it may be advisable to do so before September 6, 2014, yep that’s right, just a few days way!

Frankly the longer I live abroad the more and more I feel that US citizenship is becoming a burden rather than something to cherish, and it appears my thoughts have already been echoed throughout the world of those who are tried of the nonsense.

EDIT: Here’s yet another one from the WSJ just today - blogs.wsj.com/totalreturn/2014/0 … -fivefold/

So, I just came out of my shell and have been confronted with FBAR. I have been filing and paying my taxes annually, however, until yesterday was unaware of having to file an FBAR for accounts over $10,000.

I initially understood this to mean any single account over US $10,000 must be reported on the FBAR. However, per JeffG, if the aggregate is over US $10,000, every account, even one with NT$1,000 has to be reported on the FBAR. Is this correct?

Also, per the “Delinquent FBAR Submission Procedures” on the IRS site, “The IRS will not impose a penalty for the failure to file the delinquent FBARs if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign financial accounts reported on the delinquent FBARs.”

After reading all of the horrors stories about the IRS penalizing innocent citizens, it’s hard to believe

Can anyone validate this statement about not being penalized for filing delinquent FBARS? (or recommend an accountant in Northern Taiwan familiar with this.)

BTW, Thank you JeffG for all of your informative posts pertaining to this matter.

So, I just came out of my shell and have been confronted with FBAR. I have been filing and paying my taxes annually, however, until yesterday was unaware of having to file an FBAR for accounts over $10,000.

I initially understood this to mean any single account over US $10,000 must be reported on the FBAR. However, per JeffG, if the aggregate is over US $10,000, every account, even one with NT$1,000 has to be reported on the FBAR. Is this correct?

Also, per the “Delinquent FBAR Submission Procedures” on the IRS site, “The IRS will not impose a penalty for the failure to file the delinquent FBARs if you properly reported on your U.S. tax returns, and paid all tax on, the income from the foreign financial accounts reported on the delinquent FBARs.”

After reading all of the horrors stories about the IRS penalizing innocent citizens, it’s hard to believe

Can anyone validate this statement about not being penalized for filing delinquent FBARS? (or recommend an accountant in Northern Taiwan familiar with this.)

BTW, Thank you JeffG for all of your informative posts pertaining to this matter.[/quote]

This is unfortunate and many people fall into the exact same situation as you. Some ignore it, some try to fix it, etc. etc. it is hard to tell you what you should do other than contact an accountant that will try to scare you and leave you in the same position you are now.

What aggregate means is that if you have US$10,000 total in foreign banks you have to claim all accounts on an FBAR. If you have 10 accounts, all of which have US$999 in them then you are fine. But if you have 10 accounts and all them but one has $999 in them and one account has US$11 more you need to file your FBAR for that year. And generally once you get started you won’t stop as the longer you are overseas the higher the likelyhood is that you will meet the US$10,000 aggregate amount every single year. Also note that this aggregate value is the HIGHEST value in the account ever year. So our example above, if you only had one foreign account and its value at any time during the year hit US$10,000 then you have to report it.

Oh I can validate the penalties, they are true, they do exist. But as far as for delinquent FBARs, it depends. The IRS wants noisy disclosures, but doing it either way is risky as what the IRS deems willful and not willful will vary greatly. Any big accounting firm is going to tell you to get compliant, however, that may not be suitable in your situation, who knows, but you do need to seek advice from many qualified professionals and not just in Taiwan… Filing delinquent FBARs may or may not be a good idea, you need to get advice from many people and professionals before you do anything.

You are welcome, I am trying to keep abreast of all the BS that is being thrown at us. If you are not already a member, I do advise you to become a member of ACA. In higher numbers they can certainly do more. Any questions let me know.

JeffG,
I appreciate the clarification. I will definitely look into the ACA.

[quote=“Invisimind”]JeffG,
I appreciate the clarification. I will definitely look into the ACA.[/quote]

You are welcome, I hope the information was helpful.

Here’s yet another great article!

Thank You, FATCA, You’ve Just Left Me Stateless
blogs.angloinfo.com/us-tax/2014/ … stateless/

Republicans Abroad releases a video on FATCA. FATCA- what it is, why it needs to be repealed and what you can do youtube.com/watch?v=zUism7KaqQ8

This conversation is being continued here: forumosa.com/taiwan/viewtop … 0#p1651758

FBAR form deadline change…automatic extension to Oct 15 (due date is still April 15).

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that, to implement the new due date for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), of April 15 (April 18 for 2017), it will automatically grant all taxpayers filing the form a six-month extension every year to Oct. 15 (which will be Oct. 16, 2017, because Oct. 15 is a Sunday). FinCEN explained that this six-month extension will be automatic each year and that taxpayers do not have to request extensions. - See more at: http://www.journalofaccountancy.com/news/2016/dec/fbar-automatic-extension-201615731.html#sthash.oj13Lqv6.dpuf

After FATCA pact signing, increased focus on possible tax evaders

Taipei, Dec. 27 (CNA) Taiwan and the United States signed an agreement on the Foreign Account Tax Compliance Act (FATCA) on Dec. 22 that will make it easier to go after “non-cooperative” clients, the Financial Supervisory Commission (FSC) announced Tuesday.

Under the inter-governmental agreement, which still has to be approved by the Legislature, the U.S. can in the future ask Taiwan to provide data on “non-cooperative” clients.

At present, Taiwan’s financial institutions have only provided the U.S. with the number of “non-cooperative” clients and the amount of money in their accounts, but they have not provided personal information on the clients themselves.

The Banking Bureau under the FSC said that under the agreement the U.S. can ask for more detailed information on clients who do not cooperate with requests for information.