Tag Archives: Bandit Gang Writ Large

IRS Seeks To Require Reporting Of All U.S. Bank Accounts

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“Currently, information reports are not required on non-interest accounts, while there is a $10 threshold for reporting on interest bearing accounts. This change would be effective for the current tax year of 2015, giving banks and credit unions little time to adapt their systems for compliance.  Should this provision be enacted, taxpayers will be awash in new 1099s reporting de minimis amounts of interest.  In many cases, they will report less than a one dollar in earned interest per year.  Additionally, this new reporting requirement will impose substantial costs on the financial services industry that far exceed the revenue that will be gained by the proposal.”

http://consumerbankers.com/cba-issues/comment-letters/joint-letter-re-sec-603

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New IRS guidance limits FBAR seizures to a mere 100% of account value

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“New constraints on penalties the IRS will impose when taxpayers don’t properly report their foreign bank accounts show agency concerns that some will argue in court that huge penalties are unconstitutional, attorneys told Bloomberg BNA.  Practitioners said the guidance likely stems in part from an argument a taxpayer was prepared to make in court in 2014 that a penalty far greater than the value of his bank account, across multiple years, was an excessive fine under the Eighth Amendment. Some said that argument still could be made even under the new guidance, which limits the amount the government can take to 100 percent of the account.”

http://www.bna.com/new-fbar-limits-n17179927429/

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Congress’s Plans to Lock You in

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“Congress ratified the Universal Declaration of Human Rights on April 2, 1992. But it’s now having second thoughts.  The ‘right to travel’ makes some politicians very nervous.  In May, Sen. Orrin Hatch (R-Utah) introduced legislation that would seize the passport of any US citizen with ‘seriously delinquent tax debts.’ This is the fourth year in a row that Hatch, or other Big Government apologists, have introduced this measure.  The proposal requires no hearing or any other due process to grab your passport. All that’s needed is for the IRS to issue a ‘Notice of Levy’ for any amount greater than $50,000. This is a letter informing you that the IRS thinks you owe it money.”

http://www.nestmann.com/congresss-plans-to-lock-you-in

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Court Nixes California’s License Revocations For Tax-Debtors

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“A California federal judge ordered the state to reinstate a couple’s professional and driver’s licenses Thursday, saying their due process rights were violated when the licenses were revoked over an approximately $450,000 tax debt.  Judge Dean D. Pregerson granted summary judgment to Enna and Vicken Berjikian, agreeing that neither of them was afforded due process because at the time of the suspension they were not provided the opportunity to challenge the delinquent tax liability or resulting license suspensions.”

http://www.law360.com/articles/631401/calif-debtors-still-eligible-for-licenses-court-says

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Tiny California Towns Have Big Asset Forfeiture Histories

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“These forfeitures and the partnerships between municipal police and federal agencies rose as the economy of California slid into a slump. Forfeitures through the federal Equitable Sharing Program have tripled while forfeitures using the state’s process have remained flat (and much lower). The reason is pretty simple: California’s asset forfeiture law allows law enforcement agencies to keep only a maximum of 65 percent of the money they seize. The federal program allows law enforcement agencies to keep 80 percent. Some cities appear to be anticipating forfeiture revenue in advance and using forfeited funds to supplant budgeted spending for law enforcement agencies.”

http://reason.com/blog/2015/04/21/tiny-california-towns-have-big-asset-for

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Philip Giraldi: Where Are They Now?

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“The United States already has by far the per capita largest prison population of any developed country but I am probably one of the few Americans who on this Independence Day would like to see a lot more people in prison, mostly drawn from politicians and senior bureaucrats who have long believed that their status makes them untouchable, giving them license to steal and even to kill. The sad fact is that while whistleblowers have been imprisoned for revealing government criminality, no one in the federal bureaucracy has ever actually been punished for the crimes of torture, kidnapping and assassination committed during the George W. Bush and Barack H. Obama presidencies.”

http://www.unz.com/article/where-are-they-now/

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Jeffrey Tucker: Greeks Prepare to Be Pillaged

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“One thing needs to be said about this frantic authoritarian approach: It never works. Bank closings add to the atmosphere of panic. They are often followed by an announcement that the government is going to devalue or outright steal people’s money. Whatever trust remains in the system is drained away along with the value of the currency.  But there’s another factor in play, for the first time. People are looking at Bitcoin as a way to store and move money.  There is now a Bitcoin ATM in Athens that is reportedly doing a brisk business. Redditors are sharing tips. And, of course, the exchange rate of Bitcoin is on the move again.”

http://fee.org/anythingpeaceful/detail/greeks-prepare-to-be-pillaged

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The Ultimate Privacy Protection: Foreign Real Estate

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“If you own a foreign property in your own name … registered to you as a legal person in your own right … you are under no obligation whatsoever to report its existence to the U.S. government. Even if you earn income from the property, such as rental, you don’t have to identity the property when you file your U.S. tax returns.  If you own property in a foreign country, it doesn’t form part of any U.S. property registry or tax database. There’s no way anyone can find out that you own it … with two exceptions.”

http://thesovereigninvestor.com/asset-protection/privacy-protection-techniques/

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The EU Blacklist: A Warning for Investors to Stay Away?

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“There are 30 ‘non-cooperative’ countries, including tiny Niue in Polynesia, a country of just 1,600 people living at a subsistence level. That the EU sees this country as a threat borders on the ridiculous and shows that their motives are about control and not an honest warning that a country is abetting terrorists. It seems increasingly clear that the EU took the shotgun approach here: anybody not in the US/EU club is characterized as ‘non-cooperative.’  Until now, the targeted countries have been tolerating this economic bullying, but this latest attack has provoked some pushback.”

http://www.internationalman.com/articles/the-eu-blacklist-a-warning-for-investors-to-stay-away

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Drug cops took a college kid’s savings; 13 police departments want a cut

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“Like Joseph Rivers, Charles Clarke is a young black man. And like Rivers, he lost his cash at a so-called ‘cold consent’ encounter — that is, a warrantless search voluntarily agreed to — at one of the nation’s transportation hubs. Clarke didn’t have any marijuana on him or in his baggage, so he hasn’t been charged with any drug crimes.  He was charged with resisting arrest and assaulting an officer, however, after he tried to prevent the agents from seizing his money by yelling at them and struggling with the agents when they grabbed the cash, according to the agent’s affidavit. The charges were subsequently dropped, according to his lawyers at the Institute for Justice.”

http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/30/drug-cops-took-a-college-kids-life-savings-and-now-13-police-departments-want-a-cut/

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