Attorney-at-Law

YOU WASH MY BACK – PART DEUX

In Uncategorized on 07/27/2012 at 15:52

No, not another chapter of David Brian Smith and His Electric Back Scrubber from my blogpost of 7/19/12. This time Treasury and IRS are offering to do the washing, as the proposed FATCA reciprocal and non-reciprocal infoshare treaties were rolled out.

School is out at Tax Court today, so just a few words on offshoring money. Nothing wrong with that; Mr Romney and every US taxpayer is at liberty to have accounts in any and every port or haven anywhere in the world or outer space.

All one need do is check the right boxes (7a and 7b) and fill in the blanks on Form 1040 Schedule B , pay your taxes, file your Form 90.22-1 and Form 8938 (in different places with different information required, and different due dates; see my blogposts “Frequently Asked Questions”, 7/22/11, and “Let Us All Have the Same Story”, 10/7/2011), and all’s right with the world (or at least with IRS and DOJ).

And take a peek at my blogpost “What Not To Say”, 11/3/11.

So Treasury has made deals with various countries to swap the skinny on their dodgers, if they’ll do likewise with ours. Holding hands and issuing a joint communiqué yesterday, France, Germany, Italy, Spain, the United Kingdom and the United States solemnly undertook to “work towards common reporting and due diligence standards to support a move to a more global system to most effectively combat tax evasion while minimising compliance burdens.”

“‘Tis a consummation devoutly to be wished”, as a certain figure in the Danish government remarked four hundred or so years ago.

But I saw some missing names from the reciprocators–like the Bahamas, Switzerland, the Cayman Islands, Gibraltar, and the Cook Islands, among others. I wonder when they will join the happy throng and, as the late great Blue Eyes exhorted, start spreadin’ the news.

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