Part 26 – 2018 The @USTransitionTax in Review: As the year winds down lawyer @MonteSilver1 organizes the "Transition Tax" lawsuit – Monte has supported you! It's time for you to help Monte support you!

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2018 has been a difficult year for Americans living outside the United States who operate small businesses through corporations. The tax compliance community is still interpreting Section 965 of the Internal Revenue to require them to “turn over” a percentage of their assets to the U.S. government.
For those who don’t understand what the “transition tax” is:


Okay, sorry the text in the above image is a little small. But, my point includes, that the “transition tax” is: (1) retroactive taxation (2) on income that was specifically NOT subject to U.S. taxation at the time that it was earned (3) without any triggering event whatsoever (4) that is an attempted tax grab before the host country can tax it (5) in a way that absolutely results in double taxation (6) that is in effect a confiscation of the “pensions” of Americans abroad. Yes, it’s true and NO U.S. TAX PROFESSIONAL HAS EVEN ATTEMPTED TO SUGGEST THAT POINTS 1 – 6 ARE FALSE.
The purpose or this post is to:
1. Review what has happened during the last year; and
2. Strongly encourage you to support Monte Silver (a U.S. tax lawyer based in Israel) in his organizing a lawsuit against U.S. Treasury for not having complied with various statutes in the implementation of this law. See Silvercolaw.com or contact Monte at ms@silvercolaw.com

1. 2018 – A review of “transition tax education advocacy – a tweet at at time”
Almost one year ago to the day, the Alliance For The Defence of Canadian Sovereignty issued a press release warning people about the proposed Section 965 of the Internal Revenue Code:


In 2018 Karen Alpert of Fix The Tax Treaty and I created a 7 part video series explaining the mechanics of this tax and questioning whether it could ever have been intended to apply to Americans abroad.


During 2018 I wrote a series of posts (approximately 25) which were designed to educate people about the dangers of what I called a “retroactive tax” on “fake income”.


This series of post received wide distribution through Tax Connections.
In April of 2018 in a webinar with “Tax Linked” – Karen Alpert explains an important aspect of the “transition tax”


This did not escape notice and concern. In the Spring of 2018, CBC Reporter Elizabeth Thompson wrote a series of article about the “transition tax” and its impact on the small businesses of Canadian businesses and residents.


A number of people worked “behind the scenes” attempting to effect change. U.S. Treasury did provide some assistance by creating delaying the date for payment of this tax. In both cases, Israeli lawyer Monte Silver was a leading advocate for change.


Speaking with Monte Silver …
Interview 1 – October 16, 2018


Interview 2 – November 15, 2018


Bottom line …
2. Monte Silver has supported you. It’s time for to support Monte’s efforts to support you – Yes, the lawsuit needs to be funded and it can only be funded by you.
Monte Silver, on behalf of all Americans abroad,is organizing a “transition tax” lawsuit against U.S. Treasury.
Yes, the lawsuit does require fund raising.
There is good news for small businesses that have yet to file their 2017 returns and have until Dec. 15 to do so. Monte will assist you minimize your Transition tax liability and provide guidance to your U.S. CPA in how to do so in exchange for an agreeable upon donation to the lawsuit.
Further information about the Transition/GILTI advocacy and the lawsuit is available at: www.smallbusinessesfortaxfairness.com/

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