Coping with FATCA: Law firm’s book offers advice for Americans living in Canada
With FATCA and its grave burdens and consequences for Americans living in Canada now a reality, the more than 1 million individuals affected now have the benefit of a useful guide self-published by Altro Levy, a multi-jurisdictional law firm with nine offices in Canada and the U.S.
The guide is called Americans Living in Canada: Smile, The IRS is Watching You, and it’s much more than just a guide to FATCA. Individuals affected by FATCA, however, including lawyers who want a basic overview, should read the whole thing. It won’t take a long time. In just over 100 pages, Americans Living in Canada provides a readable, well-organized wealth of information that is one of the few publications that lets Americans living in Canada know just where they stand, and should stand, from an overall tax perspective.
The main sections deal with Dual Status Taxpayers, Income Tax Compliance, Living and Dying with U.S. Transfer Taxes, and Trust and Estate Planning for Americans in Canada. The beauty of reading the entire book is that it puts FATCA in perspective. The material is in plain English, avoids lawyer-speak in all 28 short chapters none of which exceed five pages but one: the seven-page chapter entitled Catch-Up Reporting for the Non-Compliant, which is likely what interests FATCA-affected individuals most.
On the whole, the guide, written by Altro Levy’s David Altro and Jonah Spiegelman, is as good a start as anything available for Americans living in Canada who want to stop worrying about FATCA and start dealing with the realities constructively.
