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John Richardson - lawyer for
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Jul 17 • 6 tweets • 4 min read
A Simple Regulatory Fix For The #FATCA (banking and other) problems for "some" #Americansabroad and others with @dualcitizenship from birth. citizenshipsolutions.ca/2021/06/29/a-s… via @expatriationlaw
The obvious group that could benefit from this would be @USAccidental
It should be emphasized that this can be achieved through "regulation" and NOT through "legislation" (which is more difficult). Here is an earlier analysis I did of this issue which refers to some earlier proposals coming from the Obama administration. citizenshipsolutions.ca/2015/02/08/the…
The 2023 Biden Green Book contained a "legislative" proposal for "Exit Tax Relief" for certain #Americansabroad. Why not use Treasury's authority to delete US citizenship of those with @dualcitizenship from birth? Description of the 2022 Biden proposal. citizenshipsolutions.ca/2022/03/29/bid…
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Podcast discussing IRC 7701(a)(50)(B)

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More from @ExpatriationLaw

John Richardson - lawyer for
Jul 12
A recent archeological/twitterological dig uncovered a historical artifact from the Carter years (1977 - 1981) titled "Equitable Treatment by United States of Its Citizens Living Abroad" - a curious thing from a curious time. law.cornell.edu/uscode/text/22…
The first law was Public Law 95 - 426 which became law on October 7, 1978. Sec. 611(a) and 611(b) of the "Foreign Relations Authorization Act, Fiscal Year 1979" created a law which acknowledged the existence and value of #Americansabroad. Specifically the mandated ...
The second law was Public Law 96-60 which became law on August 15, 1979. SEC. 407 of that law amended "Subsection (a)(2) of section 611 of the Foreign Relations Authorization Act, Fiscal Year 1979" as follows ... govinfo.gov/content/pkg/ST…
Read 28 tweets
John Richardson - lawyer for
Jul 7
Next up Candidate Patel ...
He says that he has had the personal experience of being double taxed as an American abroad. But, he first wants to discuss the principles of a "Liberal Democracy". Says, Trumpism is on the rise ...
He is correct that @TheDemocrats need a new generation of leadership. True. But, I would really like to hear some mention of @citizenshiptax, #FATCA, etc. He is just criticizing the existing politicians. This guy doesn't understand his audience.
Read 15 tweets
John Richardson - lawyer for
Jul 7
Listening to Congressman Maloney who was just asked whether she supports residence-based taxation. She went on for a while and at no time did she say that she supported a move to residence-based taxation. I think it's pretty clear that she does NOT support ending @citizenshiptax.
A second question about taxation of overseas Americans. Rep Maloney commits to a commission or hearing studying #Americansabroad, but again: she will not commit to support the ending of @citizenshiptax and severing citizenship from @taxresidency.
Rep Maloney is now talking about H.R. 6057, H.R. 5799 and H.R. 5800 - again she will not say that she commits to ending @citizenshiptax and severing citizenship from US @taxresidency.
Read 11 tweets
John Richardson - lawyer for
Jun 26
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice HR 5799 absolutely does NOT ease access to checking accounts for US citizens. Two points: 1. The Bill clearly states the banks can opt out. 2. The current #FATCA have exactly the same provision for depository accounts that do NOT exceed $50,000. See why:
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice The most that HR 5799 could do is: 1. Potentially (if the banks will go along with it) for #Americansabroad to have depository accounts in excess of $50,000 USD and 2. To NOT be required to report those depository accounts on their individual #FATCA form 8938.
@AmerIronCurtain @NicklesLee @Keith__REDMOND @DemsAbroad @ACAVoice Whoever drafted H.R. 5799 clearly does not understand how it fits into the existing #FATCA IGAs. Bc it applies only to "depository accounts" it doesn't even meet the original standard of FATCA SCE which (as originally proposed) would exempt all accounts in country of residence.
Read 5 tweets
John Richardson - lawyer for
May 29
Podcast: @Amy_From_Sydney and @Expatriationlaw discuss the dwindling prospects of a political solution to @citizenshiptax and the indifference @Demsabroad showed for #Americansabroad by failing to consider the @Demsabroadtax proposal for #FATCA repeal.
Good news: @Demsabroadtax had the courage to propose #FATCA repeal/resolution to @Demsabroad as a whole. Bad news: At their May 22/22 meeting DA failed to consider the issue demonstrating total indifference to the plight of #Americansabroad.
The name @Demsabroad causes #Americansabroad to think DA is an organization to represent the interests of individuals abroad. The purpose of DA is to attract votes from abroad to support @TheDemocrats who are the party of #FATCA and @citizenshiptax.
Read 11 tweets
John Richardson - lawyer for
May 24
A post of particular relevance for those #Americansabroad who have activities that may require international info returns (5471, 3520, 3938, etc). Make sure that your tax preparer has an expertise in this specific area. See post from @TaxConnections ... taxconnections.com/taxblog/irs-ta…
The US clearly sees penalties as an important and deliberate "form" (pun intended) of raising revenue. A cynic might say that Treasury wants to be able to levy penalties. See this interesting excerpt ... Image
It is "reasonable" (pun intended) for the taxpayer to raise "reasonable cause" if assessed penalties. Clearly reliance on a tax professional is NOT sufficient to succeed in the abatement of penalties for "reasonable cause". Since 2000, it has generally been understood that ... Image
Read 7 tweets

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