Why every decent person in the world should be terrified by FATCA

Why every decent person in the world should be terrified by FATCA

We know that it is mostly US citizens living around the world who are most outraged by the hideous law known as the Foreign Account Tax Compliance Act (FATCA). But if the complete truth about this law was known, about how it really works and how it will be fully implemented, cauldrons of tar would be set to boil, and bags of feathers would be on standby. In this article Claudine inquires upon Anthony the four most outrageous things about FATCA. Anthony obliges by discussing: 1. The shredding of the 4th Amendment 2. The shredding of the Constitution separation of powers. 3. The wholesale destruction of legitimate privacy concerns 4. The minefield planted for unsuspecting US-based businesses --- mines that could blow up and destroy people's livelihood. And for what? Maybe a couple hundred million in revenue? But with $3.5 trillion in record receipts, is the US Treasury this starved for revenue that it has to destroy everything this country is supposed to protect? Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 http://ift.tt/1RfwK1f https://youtu.be/VhxtpFBZ2tE IRS Medic

How far should we go to make FATCA work?

How far should we go to make FATCA work?

Our reaction to some rather amazing suggestions by FATCA architect Professor Elise Bean. Around 7:45 we talk about what we consider an extreme proposal, that would cost more than any international tax non-compliance ever could. Professor Bean's entire letter is available here: http://ift.tt/2rwdG8c https://youtu.be/i0zFpgpIDVA IRS Medic

What you need to know about IRS seizures

What you need to know about IRS seizures

In this video, Anthony and Claudine explain what an IRS seizure is, how a seizure happens, how to avoid a seizure, and how to get your property back after a tax seizure. The two also discuss how a seizure is different from an IRS levy or garnishment and the difficultly the government has in enforcing seizures on property held overseas. But the government does have some leverage -- they can revoke a US passport for tax debts over $50,000 Ultimately, an IRS seizure is the last resort. The IRS does not want to seize money. Running a government tax auction is very time consuming and the amount realized does not usually satisfy the entire debt. So the cash remains outstanding. Also, the IRS really doesn't want to seize a primary residence of a taxpayer. However, Anthony explains circumstances where it could happen...and how to avoid that situation. Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 http://ift.tt/1RfwK1f https://youtu.be/aYWdxvUzDIo IRS Medic

US expats cry way too much about their IRS taxes

US expats cry way too much about their IRS taxes

****SARCASM ALERT**** Why all the crying? The IRS has made life for US expats around the world so easy. All the forms are online as the instructions. For free. And the instructions are super easy to read and never contain contradictions. And sure you may have to consult a tax treaty, the treaty protocol, and the savings clause (which will negate the treaty), but again, those are all online too! 100000% FREE - With FBAR and Form 8938 to report foreign assets - Form 3520 and Form 3520-A for foreign pensions - Form 5471 and Form 8865 for self-employment income if in a corp or partnership and - Form 8821 for foreign mutual funds and - Form 720 excise tax for foreign life insurance (don't forget about 7702-g computations!), All it takes is a 80+ hours of work or a few thousand dollars for middle class family living overseas to get to the point where they can properly use Form 1116 to exempt income or use the credit. Failure to file any of the forms above (aside from Form 720) result in a $10,000 penalty (or more in case of the FBAR), even if not intentional. Having no tax due is not a full defense. Because hey, the information is all online and free. So I am not sure why there is all the belly aching. Or perhaps more accurately this is a barbaric tax system that should be given the heave-ho. Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/Z5m93_lbyBU IRS Medic

Delinquent tax returns and IRS amnesty: The basics

Delinquent tax returns and IRS amnesty: The basics

http://ift.tt/2riNbDZ Having delinquent unfiled taxes is actually quite common. In this video, Anthony and Claudine talk about the options if you have unfiled taxes, are missing tax records, or unfiled international reporting forms, like the FBAR or FATCA Form 8938. This issue is getting more attention as people are addressing this issue since the law passed saying that your passport can be revoked or denied if you have unpaid tax debt. Watch this video to learn the answers to these questions: “I’ve been unfiled for 3-4 years. How long before they do an SFR on me?” How much time does the IRS have to come after you for unfiled returns? What if you file, then find out you owe, and you can’t afford? What are the tax settlement options? What if I file my returns and find out the IRS owes me money? The IRS hasn’t contacted me about my unfiled tax returns. Why should I bother? What if I don’t have any records, how can I file my return? What if my unfiled returns include foreign accounts? There are programs that you can get into for unfiled foreign reporting requirements such as FBARs and IRS Form 8938. The IRS has been targeting overseas accounts as of late, so it's best to get into compliance sooner than later. From our experience, most people with unreported accounts are not criminals. They are simply US taxpayers who don't realize they have to tell the IRS about accounts they have in other countries. Once you realize you have a reporting obligation, contact us for help. There are penalties for non-reporting. There are "willful" penalties, and "non-willful" penalties. The difference is staggering, and once you know the obligation exists and you knowingly dodge the requirement, you become "willful". Call us at 888-727-8796, or email info@irsmedic.com. Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 http://ift.tt/1RfwK1f https://youtu.be/PMa5rZNsMQ8 IRS Medic

Let's get FATCA repealed!!!

Let's get FATCA repealed!!!

We can do this. If everyone affected by FATCA speaks up, FATCA WILL BE REPEALED. In this video we will show you how to get engaged, so that that dumpster fire that is FATCA goes the way of the Missouri Compromise. We're asking for you to contact those on this list to respectfully express why you think FATCA should be repealed. List can be found here: http://ift.tt/2q66fHg IRSMedic - the Law Offices of Parent & Parent, LLP 888-727-8796 info@irsmedic.com https://youtu.be/Hv8Q9M7ffsY IRS Medic

Why the Foregin Account Tax Compliance Act must be repealed

Why the Foregin Account Tax Compliance Act must be repealed

FATCA can not be rehabilitated . It is irredeemable. FATCA needs to shipped of to the land of ghosts and fog where it can spend an eternity haunting itself. Joining us to express thoughts similar are Overseas American Advocate Keith Redmond who has been working behind the scenes to get FATCA repealed, along with Mark Crawford. Mark is the lead plaintiff in the Rand Paul FATCA case, and testified at the hearing regarding the unintended consequences of FATCA. Help the cause. Help Keith Redmond http://ift.tt/2qsHxln And support republicansoverseas.com And share this video. If everyone affect by FATCA voiced their displeasure, FATCA would be a goner. https://youtu.be/SKFR_ZA1kLM IRS Medic

FATCA's harmful impact on Credit Unions around the world

FATCA's harmful impact on Credit Unions around the world

Joining us is Michael Edwards, Vice President for Advocacy and General Counsel for the World Council of Credit Unions (woccu.org). Michael discusses the harmful impact FATCA has had on both US and foreign credit unions. Yet interestingly, he provides perhaps the most compelling testimony on why the proposed "solution" to the FATCA Same Country Exemption (SCE) would simply not work. The reason? Michael tells us that there are already two exemptions which should protect middle class Americans from ever having their accounts closed. One is an exemption of all foreign accounts under $50,000. And the other is that foreign banks are specifically forbidden by FATCA to discriminate against US customers. The law currently "exempts" US people from negative consequence of FATCA. Yet, the reality is that the exemptions are ignored. Adding the same-country exemption be ignored the same. If the banks followed FATCA, the SCE would not be necessary. And unlike the account minimum and discrimination prohibitions, the SCE is completely optional. https://youtu.be/Brxl4lbaTmM IRS Medic

Exploring the uselessness of proposed FATCA Same-Country Exemption

Exploring the uselessness of proposed FATCA Same-Country Exemption

Democrats on the House Oversight Committee have admitted to the massive problems FATCA is causing. Their proposed solution? A so-called compromise of a same-country exemption (SCE) . In this video was give 7 reasons why the SCE is a complete waste of time, and in fact, will negate the supposed purpose of FATCA. https://www.irsmedic.om https://youtu.be/QsQNDn-rrjc IRS Medic