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Old 05-19-2017, 06:29 AM
 
62,471 posts, read 27,792,836 times
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Quote:
Originally Posted by Jonah K View Post
Are you a CPA or tax attorney that deals with China?
My husband is (I'm female. You assumed incorrectly). Highest ranking senior partner in his Chicago practice. Guides (financially, tax purposes) wealthy foreigners on a daily basis.
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Old 05-19-2017, 06:42 AM
 
62,471 posts, read 27,792,836 times
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Quote:
Originally Posted by bullandre View Post
You realized that you haven't really addressed what I posted? You're just parroting something and posting links without realizing understanding the nuances. Again, for the most part, if you DO NOT inform these institutions abroad that you are a US resident/citizen, they would never know. Also, with China, we know they are famous for skirting and even ignoring US rules.

Chinese banks I think are all government owned, hence they will not succumb easily to US pressure.
That's a myth. China signed onto FATCA. Here are the penalties for noncompliance:

FATCA and FBAR Noncompliance

IRS Summary of FATCA Provisions
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Old 05-19-2017, 07:16 AM
 
Location: Brooklyn
1,073 posts, read 494,969 times
Reputation: 817
Quote:
Originally Posted by InformedConsent View Post
That's a myth. China signed onto FATCA. Here are the penalties for noncompliance:

FATCA and FBAR Noncompliance

IRS Summary of FATCA Provisions
Quote:
Originally Posted by bullandre View Post

Even though Chinese banks agreed to comply with FATCA, I'm willing to bet that many don't.
Please see my above post. All you're doing is talking and not reading. Didn't I say Chinese banks all agreed to comply with FATCA?

Don't tell me about what your spouse do because that's second hand info. I work for one of the Big 4s here in Manhattan. My Masters is in Tax and I went straight into tax after school working on these issues including transfer pricing. I'm willing to bet that Chinese banks are more likely to skirt or ignore FATCA. Why do I assume this? From past and current behavior.

You posting articles alone don't mean jack because that's not how the real world works. China is now a big boy and it is pushing back.

I'm now in audit and another issue that the SEC,PCAOB and auditing firms are having with China is that they refuse to allow the PCAOB to examine audit documentation and other relevant info. This is a HUGE problem for us.

Again, I stand by what I said earlier: if a foreign entity isn't informed that client is a US citizen or resident, FATCA would be largely ineffective.
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Old 05-19-2017, 07:19 AM
 
3,138 posts, read 2,051,698 times
Reputation: 5031
Quote:
Originally Posted by EastwardBound View Post
Asian 'anchor babies': Wealthy Chinese come to Southern California to give birth - LA Times

I know for a fact that this is true. When I lived in Los Angeles, I taught ESL to a group of Korean mothers, who all entered legally on student visas and had children here, with the intent on having an anchor in the United States. Of the group of 8, all of them were on programs such as WIC and received housing vouchers, although they all had nice vehicles and designer handbags.

Only an insane society would allow this sort of abuse to go on without challenge, and only an insane segment would openly defend it as perfectly alright, as the left does.
Yet, this is often promoted on this site and in the media, in general, as a latin american/hispanic problem?
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Old 05-19-2017, 07:27 AM
 
Location: Kansas
19,189 posts, read 14,079,037 times
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The most interesting element of this thread to me is that those that support illegal aliens also seem to support breaking other laws of our country. I think that is a "value-added" element. I often suspect that those that take up for those that break laws see themselves in those individuals, and apparently, I am on the right track.

I hope everyone that breaks any of our US laws pays dearly! Also, that we correctly interpret the 14th Amendment and shut down the baby factory for citizenship sham going on in our country by foreigners!!!
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Old 05-19-2017, 11:32 AM
 
62,471 posts, read 27,792,836 times
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Quote:
Originally Posted by bullandre View Post
Please see my above post. All you're doing is talking and not reading. Didn't I say Chinese banks all agreed to comply with FATCA?
That's why they report US Citizens' accounts and account activity. Investment institutions, as well. What are you not understanding about that?
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Old 05-19-2017, 11:45 AM
 
Location: Kūkiʻo, HI & Manhattan Beach, CA
2,626 posts, read 6,003,927 times
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Quote:
Originally Posted by InformedConsent View Post
My husband is (I'm female. You assumed incorrectly). Highest ranking senior partner in his Chicago practice. Guides (financially, tax purposes) wealthy foreigners on a daily basis.
It appears that you have me confused with "JakeinChina" -- I make no assumptions about the gender or sexual orientation of a person that uses the gender-neutral term "spouse," instead of "husband" or "wife." And, as "bullandre" has illustrated, the opinion of a person that currently works as a CPA usually holds more validity than the opinion of a spouse of a CPA.
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Old 05-19-2017, 12:57 PM
 
62,471 posts, read 27,792,836 times
Reputation: 7883
Quote:
Originally Posted by Jonah K View Post
It appears that you have me confused with "JakeinChina" -- I make no assumptions about the gender or sexual orientation of a person that uses the gender-neutral term "spouse," instead of "husband" or "wife." And, as "bullandre" has illustrated, the opinion of a person that currently works as a CPA usually holds more validity than the opinion of a spouse of a CPA.
Make of that what you will, but I know for a fact that those opening/maintaining accounts (bank, investment institution, etc.) in foreign countries are specifically asked for place of birth. Why? FATCA.
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Old 05-19-2017, 02:10 PM
 
Location: Kūkiʻo, HI & Manhattan Beach, CA
2,626 posts, read 6,003,927 times
Reputation: 2377
Quote:
Originally Posted by InformedConsent View Post
Make of that what you will, but I know for a fact that those opening/maintaining accounts (bank, investment institution, etc.) in foreign countries are specifically asked for place of birth. Why? FATCA.
For some foreign countries, that might be correct. However, there is a fairly long list of foreign countries in which FATCA is not in force due to "domestic legal impediments" and other factors. While "bullandre" and "JakeinChina" have already mentioned China (which only has an "agreement in substance"), hereʻs a link which might prove enlightening…
https://www.treasury.gov/resource-ce...ges/FATCA.aspx
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Old 01-07-2018, 07:20 PM
 
107 posts, read 106,339 times
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Quote:
Originally Posted by EastwardBound View Post
Of the group of 8, all of them were on programs such as WIC and received housing vouchers, although they all had nice vehicles and designer handbags.
This is ridiculous and absurd.
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