FATCA

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

Unhappy US Expats Grumble About FATCA Problems

US expats believe FATCA tax rules blights their lives with unnecessary compliance and financial problems, according to a new survey. Most expats quizzed about FATCA and their finances feel that their government has abandoned them and does not care how the Foreign Account Tax Compliance Act (FATCA) impacts on the lives of the 8 million … Read more

Categories Tax

Global Tax Crack Down On The Way

If you are an expat and thought the US Foreign Account Tax Compliance Act (FATCA) was a disaster then just wait until the next international tax reporting network gets a grip on your finances. FATCA demands hundreds of banks and firms in more than 200 financial centres must report to the Internal Revenue Service (IRS) … Read more

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FATCA Opponents Launch Legal Challenge

Opposition to the US Foreign Account Tax Compliance Act (FATCA) has moved to the courts as lobbyists have launched a legal challenge against the law. The suit filed at a federal court in Dayton, Ohio, claims FATCA is unconstitutional and steamrollers a taxpayer’s right to privacy. The opposition is led by Senator Rand Paul, a … Read more

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FATCA – One Year On And More Is Yet To Come

The US Foreign Account Tax Compliance Act (FATCA) is a year old as thousands of banks and financial institutions across the world ready to make their first reports about cash and investments held by US expats. Although the law was introduced as part of a raft of tax avoidance legislation in 2010, FATCA did not … Read more

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The Secret Forum That Churns Out Global Tax Policy

The Organisation of Economic Cooperation and Development (OECD) is a familiar name to most people that follows the news, but few of us know what the OECD really does. The aim of the body is to promote policies and social well-being around the world as a sort of global think-tank. However, the OECD is much … Read more

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Advocate Backs FBAR And FATCA Merger

US expats swamped by a welter of financial reporting forms from the Internal Revenue Service (IRS) and US Treasury may have an easier time in future if the organisations take up suggestions to merge requests for duplicate information. In a bid to tackle offshore tax evasion, the US government has requires US taxpayers at home … Read more

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FATCA Relief On The Way For US Dual Citizens

American taxpayers with dual citizenship can soon renounce their US citizenship without facing exit taxes and other penalties if a new law passes through Congress. The government has recognised that the new Foreign Account Tax Compliance Act (FATCA) has put an onerous financial burden on thousands of US expats whose only connection with America is … Read more

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US Expats Becoming The World’s Financial Outcasts

US expats are fast becoming the world’s financial outcasts as Foreign Account Tax Compliance Act (FATCA) and other tax laws begin to bite. Around 7 million Americans live outside the USA, but in a tax measure that is out of step with most of the rest of the world, the US is one of only … Read more

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Savings Providers Ordered To Clean Up Their Act

£160 billion cash held in onshore savings accounts was earning interest at 0.5% or less in 2013 – and confused investors often do not know how much banks and building societies are paying in interest rates. As a result, one in eight savers has not switched accounts in the past three years, says the Financial … Read more

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Swiss Bank Pulls The Plug On FATCA

Barclays Bank in Switzerland is one of the first banks to drop out of the new US Foreign Account Tax Compliance Act (FATCA) laws.  The bank has announced pulling out of FATCA after taking legal advice.  FATCA is run by the US Internal Revenue Service (IRS) and requires foreign banks to report the financial details … Read more

Categories Tax