In my last blog entry I described how a virtually unknown Treasury agency, the Financial Crimes Enforcement Network, has issued proposed regulations that would change the offshore investment reporting requirements for U.S. taxpayers. The rules are slated to become effective well before the June 30, 2010 filing deadline for Treasury Form TD F 90-22.1, the “foreign bank account reporting” form, or FBAR. That means they would apply retroactively to 2009.
Mortgage foreclosure defense has become a good business for attorneys. Many real estate attorneys who made money on real estate closing and putting together large real estate investment deals have found that most of their business in the past few years has come from clients wanting to defend against bank foreclosures and suits on personal guarantees of commercial loans
Yes, I know you think it belongs to you. But, Obama and his inside-the-beltway friends know better than you what to do with your money. And, after all, they really need it. You know, with a projected $1.6 trillion deficit and all that. On February 1, the Obamites released their financial fiasco for fiscal year 2011, otherwise known as the proposed federal budget. A key portion of the budget is the revenue proposals, contained in a document referred to as the Greenbook , because—surprise! —It’s printed with a green cover. If you suffer from insomnia, download the Greenbook from the Treasury Web site and spend a few hours looking it over. You’ll save on your Ambien prescription. And, you’ll gain fascinating insights into vital national priorities like the “Inland Waterways Trust Fund.” But I digress. The real point of the Greenbook is to outline how the Obamites’ plans on how they intend to forcibly extract money from you, a concept otherwise know as “taxation.” Think of it as sort of a root canal, but on your money, not your mouth. Since my consulting practice focuses on international tax, I spent a recent sleepless night reading up on the Treasury’s modest proposals to “Combat Under-Reporting of Income on Accounts and Entities in Offshore Jurisdictions.” Here’s a summary—in as plain English as I can muster—of their proposals. “Require Increased Reporting on Certain Foreign Accounts.” Basically, this would impose a 30% tax on many types of U.S-source income to foreign financial institutions (FFIs). The definition of a FFI is very broad, and includes “certain entities engaged primarily in the business of investing, reinvesting, or trading in securities, partnership interests, commodities, or any interests in the foregoing.” In any words, “hedge funds.” And that’s not all. The rules “would be designed so as not to disrupt ordinary and customary market transactions.” Well, of course! H.R.
