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ACA in the News: American Citizens Abroad highlights its recent findings on U.S. adoption of RBT

The American Expat Financial News Journal (August 25, 2022) ICYMI: American Citizens Abroad highlights its recent findings on U.S. adoption of RBT       "As growing numbers of expatriate Americans are calling on U.S. lawmakers to replace America's problematic citizenship-based tax regime with a system that's based on a taxpayer's current country of residence, the Washington, DC-based American Citizens Abroad is urging expats, members of Congress and others to revisit its most-recent research report – which ACA officials say has some of the best data anywhere on the subject. " Read more...


ACA in the News: Defense Bill Amendment Would Offer FATCA Same-Country Exception

  Tax Notes International, July 12, 2022, Pg. 4923-4924 Defense Bill Amendment Would Offer FATCA Same-Country Exception by Andrew Velarde     "An amendment to the National Defense Authorization Act offered by a high-ranking House Democrat would provide a long-sought-after same-country exception from the Foreign Account Tax Compliance Act, though questions remain on practical implementation."   "House Oversight Committee Chair Carolyn B. Maloney, D-N.Y., offered an amendment to the mustpass legislation sometime after July 5. If included in the legislation, it would modify sections 1471(d) (1) (withholding to a foreign financial institution) and 6038D (information reporting) to provide an exception for some individuals living abroad."   "Maloney has been pushing for some relief from FATCA for overseas Americans for years. In 2015 she and several other lawmakers asked the IRS to provide an exception from FATCA reporting for financial accounts from countries where U.S. citizens are bona …


ACA in the News: Does Renouncing U.S. Citizenship Make Sense For The Average American Abroad?

  Forbes (July 28, 2022) Does Renouncing U.S. Citizenship Make Sense For The Average American Abroad?   "A survey by Greenback Expat Tax Services shows that one in four expats are 'seriously considering' or 'planning' to renounce their U.S. citizenship. The burden of U.S. tax filing is the top reason for this.   Of the 3,200 expats in 121 countries surveyed, 86% feel that their issues are less likely to be addressed by the U.S. government than those of stateside Americans.   They aren’t alone in their thinking. American Citizens Abroad, for instance, advocates for taxation, compliance (specifically, 'Simplification of US tax compliance for US citizens abroad,'), and representation."   Read More...


ACA in the News: Bloomberg Tax Daily Tax Report - Taxation of Americans Abroad

  Bloomberg Tax Daily Tax Report (April 26, 2022) Taxation of Americans Abroad "The U.S. could adopt residence-based taxation for expats in a revenue-neutral way, according to a study released Monday by the advocacy group American Citizens Abroad. Under the current international tax regime, U.S. citizens living abroad are subject to U.S. taxes on worldwide income. Under residence-based taxation, they would not be subject to U.S. tax on foreign income. American Citizens Abroad, which supports residence-based taxation, said those abroad should be allowed to move between the two systems at will. 'No one would be forced to do this,' the group wrote. 'No one would be made worse off, as the existing foreign earned income exclusion rules would remain for those wishing to use them.'"