Tax haven banks agree to share account details with the IRS

Cayman Romney

The United States has signed agreements with the Cayman Islands and Costa Rica to help those countries’ banks comply with an anti-tax evasion law starting next year…

The deals are part of the US effort to enforce the Foreign Account Tax Compliance Act…which was enacted in 2010 and is set to take effect in July 2014. FATCA requires foreign financial institutions to tell the US Internal Revenue Service about Americans’ offshore accounts worth more than $50,000. It was enacted after a Swiss banking scandal showed that 17,000 US taxpayers had hidden substantial fortunes overseas…

With these two deals, both signed this week, the Treasury has now finished 12 FATCA “intergovernmental agreements”…which help countries’ financial institutions comply with the law…

The trading of financial information, though not part of the Cayman Islands deal but included in many of the other 11 FATCA agreements, has rankled US banks. In April, the Texas Bankers Association and the Florida Bankers Association, both industry groups, filed a lawsuit attempting to block a Treasury Department rule that would allow the IRS to send certain bank account information to foreign governments.

Looks like Romney, his Republican peers in the billionaire boys club will have to put their sleazy tax accountants to work again – searching out places to hide their funds from any responsibility to pay taxes in the United States.

It’s always preferential to hide your money rather than run the risk of leaving it inside countries that may have favorable taxation plans for foreigners; but, still let the IRS know how much you have inside their borders. Or so I’ve been told. Never had enough money to worry about.

Chicago coppers investigating burglary, uh, lose their squad car!

blues-brothers

A police squad car was reported missing this morning during a burglary call and turned up shortly afterward blocks away, police said.

About 4:15 a.m., police officers reported the squad car missing after a premises check in the 3500 block of South California Avenue in the Brighton Park neighborhood on the Southwest Side, Chicago Police Department News Affairs Officer Janel Sedevic said. The officers had been investigating after the activation of a burglar alarm in a building on the block.

Officers found the squad car abandoned shortly after, blocks from where the officers had left it, Sedevic said.

No suspects were in custody as of early this morning.

Yup. Every police department in the country lectures us about never leaving our keys in the car.

Not certain what sort of administrative hassles these coppers will be up for. Probably won’t match the embarrassment they feel.

Bishop disguised as homeless rejected by some in his own church


Religious transformation

A Mormon bishop in Utah said he received mixed reactions from churchgoers when he arrived for services disguised as a homeless man.

David Musselman, the bishop of the Taylorsville Fourth Ward, said friend and professional makeup artist Tara Starling helped him disguise himself as a homeless man so he could go unrecognized at his church Nov. 24…

Musselman said some churchgoers were compassionate toward the apparent homeless stranger, while others were less welcoming.

One congregant told him to leave church property, he said…”Many actually went out of their way to purposefully ignore me, and they wouldn’t even make eye contact,” he told the Deseret News.

I was impressed by the children. I could see in their eyes they wanted to do more,” Musselman said.

Musselman, who revealed his disguise to the congregation, said the stunt was aimed at promoting kindness and acceptance of others.

Judging a book by its cover seems to be a practice still in vogue.