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Administration's Green Book Out
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 5/11/2009 10:00:10 PM

By: Lots on Offshore

Good that they are finally looking at "private segregated accounts" in VUL policies, etc., and they will make offshore reporting so miserable that most people will think twice before "going offshore".

Posted: Saturday, August 13, 2011

Posted: 5/12/2009 2:42:46 PM

By: Deterrence

The goal is to deter Americanos from even thinking about offshore planning, combined with the temporary relief from missed FBARs and a demi-amnesty program to bring money back to the U.S. before the really big push by the IRS starts later this year.

One wonders whether the new reporting requirements start to violate attorney-client privilege, although I guess the tax laws via the Supremecy Clause would trump state privilege laws.

Posted: Saturday, August 13, 2011

Posted: 5/12/2009 2:24:51 AM

By: Offshore Atty

One of the proposals is to require attorneys to report to the IRS whenever they establish a foreign trust or entity for a client.

The funny thing is that all of these Green Brook provisions are intended to be revenue raisers. Yet, the projections almost never come close to approximating the expected revenue.

When coupled with all the other offshore provisions, these proposals will make it more difficult for Americans to compete overseas (due to far higher compliance costs). A great deal more misery and not much more tax revenue... a trade-off that could only happen in Washington.


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