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ATTN: All American Citizens! Taxes! Citizen vs. Residency based taxation, FBAR, FATCA, please read!

ROC taxes, overseas payment of taxes, withholding rates, general tax liability issues, and other tax-related matters
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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residenc

Postby JeffG » 15 May 2015, 10:33

Meyers66, what are your specific questions?


In an update, HSBC is looking for everyone to sign a secrecy wavier, yet they do not want to explain to me what it is and what it will be used for, I have asked more than 4 times and they just keep telling me, sign it or have your account closed. I don't feel it is right to be threatened without explaination. Isn't there a law in Taiwan that prohibits banks from doing just this? Banks have to provide customers accurate information and answer questions before signing things, but it seems to me that HSBC either does not know how to answer or simply just doesn't want to answer. Both of which are bad.
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Americans living in Taiwan CALL your senators and representatives and ask them to repeal FATCA and support residency based taxation (RBT) for Americans living abroad! Writing a letter is useless! FATCA has been implemented and banks will be collecting your information here. In addition renunciation fees are now $2350! Insane!

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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residenc

Postby buzzkill1 » 15 May 2015, 12:14

JeffG wrote:Meyers66, what are your specific questions?


In an update, HSBC is looking for everyone to sign a secrecy wavier, yet they do not want to explain to me what it is and what it will be used for, I have asked more than 4 times and they just keep telling me, sign it or have your account closed. I don't feel it is right to be threatened without explaination. Isn't there a law in Taiwan that prohibits banks from doing just this? Banks have to provide customers accurate information and answer questions before signing things, but it seems to me that HSBC either does not know how to answer or simply just doesn't want to answer. Both of which are bad.


Looks like if you own a U.S. passport the IRS owns your ass and local laws don't apply :wink:

Just feel grateful if you can keep a bank account overseas as a U.S. citizen for the time being. It's a privileged they're letting you have for now
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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residenc

Postby JeffG » 15 May 2015, 12:30

What's funny about what you say is this... if the IRS pushes hard enough and all of us lose our accounts abroad, there is no way for us to pay our taxes as we have no access to banking services. in my opinion the US gov't is shooting themselves in the foot in more ways than one... I forsee many people here using their non-US-Citizen spouse bank accounts sooner or later to avoid all of these problems...
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Americans living in Taiwan CALL your senators and representatives and ask them to repeal FATCA and support residency based taxation (RBT) for Americans living abroad! Writing a letter is useless! FATCA has been implemented and banks will be collecting your information here. In addition renunciation fees are now $2350! Insane!

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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residenc

Postby buzzkill1 » 15 May 2015, 13:18

More than likely it will just force US citizens to use US banking entities that operate overseas. For example, US banking giant BNY Mellon is welcoming US expats in Hong Kong to open new accounts now that no one else does, and similar services are springing up worldwide to cater to Americans with nowhere else to go

What you said about foreign spouses; I read about some people doing this, having everything solely in their spouse's name, but if you have power of attorney over their assets then it's reportable. How long until they try to sniff this out too? For most expats it's not an option anyway
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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residenc

Postby Flakman » 19 May 2015, 23:39

If you transfer money to your non-U.S. citizen spouse there is an annual limit as to how much can be transferred (I think is US$150,000, but have to look it up again). Any amount over the limit is taxable, similar to gift tax.
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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residency based taxation, FBAR, FATCA, please read!

Postby meyers66 » 05 Jul 2015, 13:19

Hello Flagman,
Thanks for asking if I have problems. The short answer is yes. I have many problems with FBAR, FACTA, and US taxes. I'm trying to figure out where to ask them.
Here's my first one: How can I find an IRS Enrolled Agent in Taoyuan City?
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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residency based taxation, FBAR, FATCA, please read!

Postby JeffG » 05 Jul 2015, 18:38

I don't think there are any IRS enrolled agents in Taiwan. I don't know of any CPAs in Taoyuan either. There are a few in Taipei, but their charge is high and some of them of course will advise you to become compliant, however, each case is different, that may not be the best solution for you, though compliance is always recommended. I am not an accountant nor a lawyer, if you have serious problems you need to find one. There are plenty of CPAs in Taipei, just do a search. Also check the ACA website, there is a list of them there all over the world.
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ATTN: American Citizens living in Taiwan, please support American Citizens Abroad - ACA http://www.americansabroad.org/

Americans living in Taiwan CALL your senators and representatives and ask them to repeal FATCA and support residency based taxation (RBT) for Americans living abroad! Writing a letter is useless! FATCA has been implemented and banks will be collecting your information here. In addition renunciation fees are now $2350! Insane!

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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residency based taxation, FBAR, FATCA, please read!

Postby meyers66 » 06 Jul 2015, 14:12

Hi, I would like to subscribe to ACA. But when I see a $70/ year membership fee I turn away. How am I supposed to try the site to see if it is legit?
I would like to be able to subscribe to it for free first to read about their agenda. I won't pay for things untested/tried.

With all the back and forth between Taiwan and the US I find it difficult to believe there isn't an Enrolled Agent here. Seems like a great job opportunity if done right.
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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residency based taxation, FBAR, FATCA, please read!

Postby JeffG » 06 Jul 2015, 16:09

ACA's membership fee is not high, and they work behind the scenes for 7.6 million Americans abroad and have done a good job in getting things in front of people who need to see them. Things in Washington are not changed overnight. They now have an office in DC and can directly talk to people when they need to. ACA is legit, I am very sure of this.

As for the list, I am not sure you even have to pay the membership fees to see the list of qualified CPAs.

The IRS has pulled out of every country now leaving Americans abroad feeling even more out of the loop with tax regulations. It should be obvious that the US government cares nothing about us and is not attempting to help.
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ATTN: American Citizens living in Taiwan, please support American Citizens Abroad - ACA http://www.americansabroad.org/

Americans living in Taiwan CALL your senators and representatives and ask them to repeal FATCA and support residency based taxation (RBT) for Americans living abroad! Writing a letter is useless! FATCA has been implemented and banks will be collecting your information here. In addition renunciation fees are now $2350! Insane!

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Re: ATTN: All American Citizens! Taxes! Citizen vs. Residency based taxation, FBAR, FATCA, please read!

Postby goose egg » 06 Jul 2015, 17:26

meyers66 wrote:How can I find an IRS Enrolled Agent in Taoyuan City?

Here is a list of IRS-listed Tax Preparers in Taiwan: http://www.acareturnpreparerdirectory.c ... ion/taiwan

Maybe one of them can direct you to an Enrolled Agent. Unfortunately, that list only shows mailing addresses. I found at least one of them on LinkedIn, though
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