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Old 28.06.2012, 16:25
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IRS reach $5bn target / Dual/Foreign Citizen Refliefs / Foreign Retirement plans

http://www.irs.gov/businesses/small/...256772,00.html

http://www.irs.gov/newsroom/article/...258431,00.html

http://www.forbes.com/sites/robertwo...tizens-abroad/


So, all my American cousins,

NEWS FOR YOU.

Uncle Sam has recuperated the target $5bn mark from you dodgey offshore evaders and is now happy to look into some of you not so dodgey citizens' issues who are feeling victimized.

The news is very bare at the moment, not much depth, but the signs are positive.

The US/Swiss treaty has been in revision for some time now, and will be released in the near future, and steps have been taken to help bring citizens forward under a less punitive regime for the "non-wilful" evader / non big cheese.

Likewise, some steps in the right direction perhaps with regards to the bemusing concept to many of the taxable Pillar 2 contribution with an acknowledgement to recognise some foreign pension plans through an election process.

I shall keep you posted of anything new

Best
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Old 29.06.2012, 04:53
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Re: IRS reach $5bn target / Dual/Foreign Citizen Refliefs / Foreign Retirement plans

Thanks for this, but I didn't see anything on retirement plans, ie. 2nd pillar relief, except some mention of back filing for Canadian RRSPs. It is well known that Canadian RRSPs already have a carte blanche if they just do some minor paperwork, where as Swiss 2nd pilllar and some other country penions all fall through the cracks and indeed are double taxed.

Am I missing something, or is this just a bonanza for Canadians? while continuing to discriminate against everyone else?
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Old 03.07.2012, 12:42
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Re: IRS reach $5bn target / Dual/Foreign Citizen Refliefs / Foreign Retirement plans

Apologies if my post was misleading Runningdeer. I merely only meant to show signs that with the Swiss treaty being revised, and the with discussions about foreign pension plans, granted the IRS link refers to the canadian plan as an examplen, that one can hope that this Pillar 2 issue will be addressed.
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Old 03.07.2012, 12:59
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Re: IRS reach $5bn target / Dual/Foreign Citizen Refliefs / Foreign Retirement plans

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Thanks for this, but I didn't see anything on retirement plans, ie. 2nd pillar relief, except some mention of back filing for Canadian RRSPs. It is well known that Canadian RRSPs already have a carte blanche if they just do some minor paperwork, where as Swiss 2nd pilllar and some other country penions all fall through the cracks and indeed are double taxed.

Am I missing something, or is this just a bonanza for Canadians? while continuing to discriminate against everyone else?
Who else is affected then? Apart from the USAians, I mean.
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Old 05.07.2012, 22:47
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Re: IRS reach $5bn target / Dual/Foreign Citizen Refliefs / Foreign Retirement plans

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Who else is affected then? Apart from the USAians, I mean.
US dual citizens or US persons abroad living anywhere but Canada (already has a special deal for RRSPs) and UK (has a decent bilateral tax accord that covers pensions well)
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