Expat Ryan Socash v. the IRS - How FATCA Repeal gained another powerful advocate
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- Опубліковано 18 вер 2024
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You don't have to be a US expat as UA-cam famous as Ryan Socash to have an issue with the IRS. In this video, tax attorney Anthony Parent interviews Ryan one-on-one to learn how Ryan discovered he had a huge problem and the reasons why he decided to disclose to the IRS with the Streamlined disclosure program.
Ryan Socash was born in America, but found his home belonged in Poland. There, he has been overseeing a growing media empire, including his own personal UA-cam channel, Kult America, / kultamerica
Ryan describes how he felt when he learned about the Foreign Account Tax Compliance Act (FATCA) when he received his first FATCA letter from a Polish bank. FATCA lead him to research to discover the odd way the US taxes its citizens who are tax residents of other countries.
FATCA led him to discover the host of scary international tax problems including:
- Unfiled FBARs
- Missing Form 8938
- Missing Form 5471
While many US expats have decided to stay out of the US tax system and avoid coming clean at all, that was simply not an option for Ryan as his personal belief system won't allow him to not follow a law he is aware of.
But with that said, now Ryan is a a full-blown repeal FATCA advocate and is helping to see that this awful law that makes life difficult is repealed.
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Thank you for hearing my story!
Thanks for visiting us in America!
Good job Anthony. Save our American/Polish boy! :)
Greetings from Poland.
#REPEALFATCA!
We waited as long as we could for the USA to change its laws but our dual citizen born son was finally left with no choice but to renounce. Next years will be followed by our daughters. All have special needs, thankfully not intellectually so able to renounce. We struggle to afford it but this is their home and where their future is - they can't even vote in USA federal elections.
Sorry you had to make such an agonizing decision.
Our tax code is barbaric and its continuation is indefensible.
Don't be sorry ................
you had the balls to do what you had too do ..............simple
About joined accounts: in Poland, by law, if someone freezes your account, bank is obligated to let you show one family/personal account that won't be frozen- they can't make you unable you live/eat ect. You must have access to money necessary for you to survive.
Never EVER give up your RIGHT to vote as long as you are a CITIZEN OF THE USA!
And yet US citizens abroad are largely wasting their time when they vote, few people in the USA have any idea of the monstrosity inflicted on them by the USA and of the few that do, many don't give a damn because they are universally painted as ungrateful tax cheats who fled the US with their money and are avoiding paying for the great "privilege" that is US tax slavery, or citizenship as some call it. Their votes are too thinly spread to matter much to any congressman and too few congressmen are going to put their heads above the parapet to defend the afore mentioned "tax cheats".
In their actual home nations the politicians find it much easier to describe this section of their own society as Americans living in XXXXXX country rather than as their own residents and citizens being hounded for totally illegitimate taxation by a foreign nation, saves having to stand up to the US government and risk financial sanctions through FATCA.
The situation is a horror and it beggars belief that it comes to us from a land claiming to be a beacon of freedom to the world.
Good interview thanks Ryan!
One can never even have set foot in the US and be obliged to report to the american IRS as long as they have citizenship, it’s ridiculous. Hope you guys are able to fight it, I’m not american and have no business in american policy but I find it deeply unfair.
Aren't there anti-double-taxation treaties between Poland and USA in place? It's confusing. Do those only affent non-US citizens like Poles working in USA? That would be... a bit one-sided.
Tomasz that is such a great question. Because you are absolutely correct. How can this be? The answer is that treaties don't mean what you think they mean. Here's an article (with an embedded video) we created years ago to help answer the confusion. www.irsmedic.com/blog/2015/12/foreign-tax-treaties.html
@tomasz yes there are but in essence, you still have to report your income to the US and that cost a lot in and of itself
Treaties don't help when the problems being caused are happening before a single penny in taxes is being demanded by the IRS.
For example, you can't save and invest because of US reporting costs and taxes. You can't get a mortgage, you can't get business finance. You're turned down for a job because the boss can't enrol you in the legally required company pension scheme, or the signatory power on the company finances requires the entire foreign company be reported to the US IRS. The list of problems that are not prevented by treaty is endless.
Ryan, maybe time to explore the Historical German parts of Poland, you stay in general in the middle and historical east of Poland
Ryan Socash can't complete sentence
Devil's advocate: You want the benefits of U.S tax citizenship but are unwilling to pay the cost. It becomes a personal choice whether or not you decide to keep that citizenship. As Anthony said, there will probably be no tax once compliant. These laws were not meant to burden people like Ryan, so it's unfortunate it ends up that way. The penalties are egregious to make examples out of people. Basically, stay compliant or else the IRS thinks you are trying to evade taxes.
Best of luck to Ryan! I hope the IRS agents he deals with are generous and abate penalties and interest for an honest mistake!
"You want the benefits of U.S tax citizenship but are unwilling to pay the cost."
What benefits are you talking about? The benefit of being a financial pariah unable to lead a normal life with the financial death sentence hanging over your head at all times?
What costs are you talking about? US citizens get NOTHING tangible from the US government when overseas, they cost the US government nothing when overseas. Don't bore me with the protection of the USA nonsense or the cost of embassies.
The embassies are there even if not one single US citizen is in the country and if that citizen needs anything from the embassy, the price list is on the wall because it's not included in general taxation.
Protection?
Given most US expats live in stable first world nations and are safer there than they would be in the USA, and that the USA is going to do ZERO to interfere with local justice if that citizen breaks the law, just what protection would you be talking about?
They get all the services and protection they need in the nations where they reside and pay taxes.
I've heard it all Gustavo, but nothing, absolutely NOTHING justifies what the USA has done with US citizenship.
FATCA and the US tax code now make it abundantly clear that US citizens are the property of the US government and not living in the USA has become punishable.
Land of the free?
Stay compliant, no problem?
You need to study what is happening here before commenting, because if you did you would understand that compliance leads to renunciation. It's those who DO NOT comply that are able to maintain their citizenship.
Get your dammed IRS OUT of our nations and STOP persecuting our residents and citizens with your utterly unjust, unworkable and life damaging taxes.
Thieves.
Devil's advocate?? If I force a citizenship on you that you don't want, and only taxes and penalties comes with it? Do you want it? How about the citizenship is forced on you, and the only way to get rid of it is to pay shit loads of taxes and fees? Or the last option, you have to move to this country, where you have no connections, family or friends? Sounds crazy? Well I am an accidental American. Look it up!!!
What benefits? Some banks abroad won't even take on accounts from American people because they don't want to deal with the legwork of FATCA. The law introduced by the Obama Democrats was poorly thought out and the penalties are incredibly unfair. To the point where people can't lead a normal life abroad with no ties to the USA. They receive nothing from the USA and don't want anything. This needs to be repealed or laws need to be changed. It's nuts.
@@mikebreen2890 fuck FATCA .................................SIMPLE