What IRS FATCA Notice 2023-11 Actually Means (Nothing Good)

[@HyperspaceHoliday]

Good information. Can I ask if anyone on the channel personally have FATCA/FBAR obligations and if so, what changes to your personal offshore accounts you've made since this program has developed. Or did you just keep all your accounts open in the belief that as long as you report then nothing bad will come?

[@LisaCulton]

It's hard enough to even open an account as an American, so of course the accounts stay open.

[@irsmedic]

One of the prime reasons to get into compliance is to protect ban account.s Clients we've run through the streamlined programs tend to keep their accounts open. I do often suggest getting rid of "foreign" mutual funds.

[@RoyalDavid]

Swains Island Guy reporting in. If an overseas US citizen does not have an SSN will such person need to get an SSN before they can apply for renounciation??

[@irsmedic]

Great question. I meant to ask John is a TIN that isn't an SSN would work. i.e., an EIN.

[@brodieb5066]

Yes need the ssn then must file 5 years of catch up tax filings then renounce

[@brodieb5066]

@@irsmedic a itin is not available for us persons, only ssn, w7 does not allow us persons to get an itin

[@dlukton]

The BRICS countries are attempting to form an alliance in order to be less vulnerable to coercion by the US government. My hope is that a few of them decide that they're just not willing to comply with FATCA anymore.

[@irsmedic]

Correct. The stick of FATCA goes away. The only reason FATCA works is the USD is the reserve currency of the world...for now.

[@janetotoole9863]

If giving up American citizenship would mean a clean break with no further taxes/reporting to IRS, more people would jump.....

[@irsmedic]

The uncertainty is likely by design. To make people second guess themselves. I can tell you the clients we helped expatriate have had zero problems.

[@1Bob4All]

What additional obligation does a person have to the IRS a year or so after giving up U.S. citizenship?

[@dlukton]

​@@1Bob4All one final tax return has to be filed after renunciation. After that, you're free.... but with one exception. If a FORMER US citizen gives money to a US citizen, the US citizen beneficiary may have to pay a tax on that.... quite possibly a very large tax (possibly as much as 40%).

[@sphinx11982]

Let hope the BRICS nations doesn't allow FATCA to do squat.

[@johnnyutah4584]

The BRICS+ have a new money movement system outside SWIFT and there moving forward

[@mikebreen2890]

Loyalty is for dogs, citizenship is just citizenship. If you are loyal with the citizenship, you will be loyal without it.

[@irsmedic]

Brilliant Mike. Every country's government is out to screw the people the rule over. What kind of loyalty does any country deserve?

[@mikebreen2890]

@@irsmedic Not one bit, that's generally the answer. That said, I am proud to be a supporter of UK legal action against FATCA that will be in the courts later this year. But then again, I would support (and have) any legal action anywhere when it comes to fighting that tyranny.

[@DavidWDeWitt]

Mostly About TOTAL CONTROL. If a US ROCK had Income they Would Tax It WHAT CHOICE Does One Have Except TO RENOUNCE.

[@nunez76gn]

Does facta apply to a person with double nationality

[@mikhaer]

yes

[@anselmocamarillo6465]

I got itin number…! From IRS

[@DavidWDeWitt]

Your Wealthy or Modest of Income Renouncing is only option. To have any kind of Life finance wise

[@dlukton]

It's a question of how & where a person earns his income. If all income is generated within the US, renouncing may be counterproductive.

[@sun-man]

Really dumb comments from Anthony on dual citizenship

[@irsmedic]

You are completely in error. Dual citizenship is an oxymoron. I get that people want mobility. And I am all for that. Having conflicting citizenships is not the answer. It is so patently ridiculous an argument, and the fact is that most people don't see it - which i regard as proof that the meaning of citizenship has been totally degraded for tourists.