FATCA

The list below is a collection of articles that refer to, mention or discuss FATCA.

No evidence FATCA infringes rights of Accidental Americans in EU

FATCA on a USA flag

Thousands of Accidental Americans living in Europe are not having their right to a bank account compromised by the US Foreign Account Tax Compliance Act. Under the Payment Accounts Directive, every European Union citizen has the right to open a bank account, but some banks have frozen or refused to open accounts for Americans because … Read more

Categories Tax

Too Much Tax Leads To Expats Returning US Passports

Red tape and the long arm of the US Internal Revenue Service are forcing one in five American expats to consider giving up their passports. In the first three months of this year, 1,018 Americans renounced the citizenship, and 250 of them blamed US taxes as the trigger for their action. The details come from … Read more

Categories Tax

What Is The Common Reporting Standard For Expats?

The Common Reporting Standard is expected to swing into action in a few weeks – but how does this impact expats and the tax they pay? To find out, here’s a list of frequently asked questions about the standard: What is the Common Reporting Standard? The Common Reporting Standard or CRS is a network of … Read more

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IRS Wants To Tax Millions Of Bitcoin Trades

American Bitcoin traders are in the sights of the Internal Revenue Service for failing to report their trading gains. The IRS considers tax on a large share of up to $150 billion of Bitcoin trades should go to the US Treasury and is taking steps to secure the cash. The IRS is waiting for a … Read more

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US Expats Must Not Shun FATCA Obligations

Behind the scenes campaigning and election pledges that are yet to come to fruition do not mean US expats can ignore FATCA. Lobbyists have joined under the banner of the RepealFATCA website to influence Washington DC policymakers to scrap the Foreign Account Taxation Compliance Act, but their tireless walking of the corridors of power has … Read more

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Why Are Americans Giving Up Their Passports?

USA Passport

Record numbers of taxpayers are giving up their US passports – but no one is sure why or even if they are Americans or why they are leaving the country. In the three months to September 2016, 1,380 taxpayers renounced US citizenship, says the US Treasury. All their names were provided in an official listing, … Read more

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Will Trump Keep Republican Pledge To Repeal FATCA?

American expats are waiting with bated breath to see if President-elect Donald Trump will repeal the disliked Foreign Account Tax Compliance Act (FATCA). FATCA was the brainchild of outgoing President Barack Obama and introduced to help the Internal Revenue Service (IRS) track down suspected tax cheats with secret money and investments hidden in overseas banks. … Read more

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Tax Money Wasted On Blunders

Tax authorities are spending millions on unnecessary technology and training while accused of cutting jobs and customer services to the bone. Just this week, the Internal Revenue Service (IRS) in the United States and HM Revenue and Customs (HMRC) in Britain have faced criticism for slack spending. In the US, the IRS had to spend … Read more

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Plea To Ditch FATCA Thrown Out By Judge

Israeli banks will have to file client data to the US Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA) despite a legal challenge by American expats. The High Court in Jerusalem rejected their argument that FATCA breached their privacy and overturned an injunction ordering the government to halt work on readying … Read more

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US FATCA Laws Pass A Final Milestone

July 1 marked a milestone in the implementation of the US Foreign Account Tax Compliance Act (FATCA) for American expats and financial firms serving them around the world. Although FATCA was passed by Congress way back in 2010, legal and political challenges have held up bringing the measure into full operation. The Internal Revenue Service … Read more

Categories Tax