Tag Archive for Uncle Sam

Uncle Sam Enlists Another Collections Agent

India and Pakistan are basically the geopolitical Odd Couple, with a few important differences. First and foremost, Felix and Oscar are fictional. Any conflict between the two is resolved with an exchange of funny one-liners and forgotten by the time the end credits roll. Secondly, despite the show’s title, they do have some things in common. They’re both middle-aged guys, both divorced, both New Yorkers, and both reasonably successful professionals.

Other than their status as former British colonial subjects, India and Pakistan have basically nothing in common. More importantly, there is significant conflict between the two and there’s no laugh track to smooth things over. Although the region has been quiet recently, the two have fought five wars since independence in 1947. Even more Read More

Written by | Posted in FATCA • IRS

A Message From Uncle Sam To Taxpayers Near And Far: ‘Don’t You Dare Lie To Me!’

Are you looking for a fun way to kill a few minutes when you think the boss isn’t looking, and the company’s firewall restricts access to your favorite website? Google the phrase, “the defendant showed no remorse” and see how many hits you get. I witness this phenomenon firsthand almost every day. When the judge pronounces sentence, either after a trial verdict or as part of a plea bargain agreement, the defendants typically show no emotional response.

A large part of this apathy is “monkey see, monkey do.” That’s the demeanor that fictional and quasi-fictional defendants present on TV, so many of my clients assume they are supposed to behave the same way. Others are in shock after they hear an unfavorable verdict, while others are simply overwhelmed by the process and really have only a vague Read More

Written by | Posted in Individual • IRS • Tax Fraud/Evasion/Crimes

Is FATCA Doing More Harm Than Good?

Few American laws have been as controversial as FATCA. FATCA stands for Foreign Account Tax Compliance Act, a law passed in 2010 to clamp down on the use of foreign bank accounts by U.S. taxpayers to hide money that is otherwise subject to taxation in the United States. FATCA is the U.S. government’s newest enforcement tool in the fight against international tax evasion.

Those that denounce the law criticize its complexity, its expansive reach, and the high cost of compliance. Those that like it (and there are some) argue that it will blow the lid off of “the old way of exchanging tax information between countries on request,” which they view as too lenient on tax cheats. FATCA, they predict, will revolutionize the exchange of information, by making it “automatic,” thereby removing any safe harbors for those Read More

Written by | Posted in FATCA