Tax Residency in a FATCA and CRS World
by William H. Byrnes IV and Robert J. Munro *
Contributing Author: John Richardson, LL.B., J.D., https://t.co/81nqy2iszY. Rewritten by William Byrnes with additional material included. https://t.co/oyzeYXtXqO
Reminder to all with @TaxResidency in Canada. The CDN Form T1135 combines features of both US #FBAR and Form 8938.
New disclosure program to fix:
https://t.co/54HdsTduOF
The next step will be for New York, CA and other high tax states to impose #Exittaxes if people move: "Tax collectors chase rich New Yorkers moving to low-tax states. Auditors inspect cell records, ev..." https://t.co/NswjvxIXUk via @YahooFinanceUK
The three groups (in terms of economic status) leaving California are: 1. Lower class 2. Middle class and 3. Higher class "Californians fed up with housing costs and taxes are fleeing state in big numbers" https://t.co/RFn0Qj51g2
Both California and the USA define @taxresidency so that ALL people are presumptive tax residents. It's up to to the individual you prove that he is not.People should leave California before the state joins the USA in imposing S. 877A type exit taxes. https://t.co/OwCJPAf4GS
Numerous answers - none of which focuses on the reality of having @taxresidency in the USA and the possible Exit Taxes imposed on those who try to leave: Question on @Quora: Is getting a US Green Card worth the hassle and cost? https://t.co/Cf0HgGhdzM
It's unlikely that @TaxJusticeNet will care in the least about US @CitizenshipTax - they are concerned only with those with @taxresidency not paying their #fairshare to their country of tax residence. It would be interesting to know what they think about US refusal to join #CRS.
No exchange of information with the USA because the USA has not signed the OECD Common Reporting Standard: "Common Reporting Standard - ITA Part XIX" - https://t.co/kI0jm33JiA https://t.co/7AJpNWgCra
"In light of the Wayfair decision, a question may be raised as to whether a state may now try to impose state corporate income taxes as well. Many states have introduced, in addition to the current physical nexus standard, an economic nexus standard." https://t.co/Y4D6uNTsfX
We see that in the USA @taxresidency for income tax purposes is different than for Gift and Estate tax purposes - "Foreign Investment Into The U.S. Part II: Who Is A U.S. Person" https://t.co/cY4kBmiYOv via @taxconnections