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ACA Shares "In Praise of Postponement: What Dutch Banks Tell Us About FATCA"

  “In Praise of Postponement: What Dutch Banks Tell Us About FATCA” Tax Notes Today International, FATCA Expert, Tax Notes Today Global and Tax Notes Today International, October 3, 2022 Robert Goulder of Tax Notes International recently wrote an article, In Praise of Postponement: What Dutch Banks Tell Us About FATCA. His article highlights the issues facing individuals who are losing foreign banking services due to U.S. legislation; The Foreign Account Tax Compliance Act or FATCA. Goulder notes that there are corrective measures to FATCA and echoes ACA's call for "Same Country Exemption (exclusion)” and replacing the current U.S. tax regime with residence-based taxation. Goulder also proposes having the U.S. adhere to the OECD "common reporting" standards. "The ongoing postponements make sense if the long-term plan is for Congress or Treasury to fix FATCA. Off the top of my head, …


ACA in the News: Proposed legislation would address the ‘Expat Retirement Surprise’, but some say SS solvency concerns could keep it from passing

The American Expat Financial News Journal (October 9, 2022) Proposed legislation would address the ‘Expat Retirement Surprise’, but some say SS solvency concerns could keep it from passing…and just-revealed setback to bill’s progress has sparked calls for a write-in campaign by American Citizens Abroad "According to ACA executive director Marylouise Serrato, in order to get the bill back onto the calendar for a House vote, a “discharge petition” has been filed, which the Washington, DC-based ACA noted “needs 218 votes to pass.” (Currently, according to a website page which tracks the progress of this petition, the petition has just 24 signatures.) In response, ACA has launched a write-in campaign  calling for the repeal of WEP,” in order to help get the needed signatures for the discharge petition in time to ensure a House vote can go ahead." Read more...


ACA in the News: The Comin' Home Podcast with John Alan September 2, 2022

The Comin' Home Podcast with John Alan (September 2, 2022) TAXES! American Citizens Abroad want Residence-Based Taxation - ep.186 with Marylouise Serrato "When it comes to taxes, did you know that American citizens who live abroad have to file taxes in their country of residence AND the IRS wants them to also file taxes in the USA? This is called CITIZEN-BASED TAXATION, and the USA is one of only two nations that tax their citizens in this way. Many of these American Citizens who live abroad own no property or assets in the United States, and have no connection to the USA other than their citizenship. How about RESIDENCY-BASED TAXATION? The non-profit organization American Citizens Abroad has done some research on this taxation issue, and Marylouise Serrato speaks with me about it in this episode. Marylouise Serrato is the Executive …


ACA in the News: Taxpayer Advocacy Panel's Lammers tells ACA how expats can use TAP to make their voices heard

  The American Expat Financial News Journal (September 15, 2022)   Taxpayer Advocacy Panel's Lammers tells ACA how expats can use TAP to make their voices heard   "In her midyear report to Congress back in June, the National Taxpayer Advocate noted that of some 73 million calls the IRS received, only about one in 10 actually reached an IRS employee, around the same percentage as had been reported during the previous tax season. But the time the average taxpayer spent waiting on hold this year 'rose from 20 minutes to 29 minutes,' NTA Erin Collins said."   "In her interview with the ACA – which has been posted on the ACA's website, as well as on YouTube – Lammers notes that expats have little choice but to attempt to call the IRS if they need to speak to someone, …


ACA in the News: Expatriates Group Reiterates Call for FATCA Relief

  American Citizens Abroad’s letter putting more pressure on the US Treasury to provide relief for FATCA reporting was was reprinted by Tax Notes Today International and Treasury Tax Correspondence, “Expatriates Group Reiterates Call for FATCA Relief” September 7, 2022   "ACA is once again requesting that the US Treasury consider regulations to alleviate the burdensome reporting requirements and fall out from the Foreign Account Tax Compliance Act (FATCA) that locks-out many US citizens from maintaining bank accounts and financial investment accounts overseas in the foreign jurisdictions where they are legitimate residents.These accounts are not “off-shore” for US citizens who are legitimate residents in these countries and should be viewed differently than US citizens resident in the United States and holding accounts in foreign jurisdictions which should clearly be considered 'off-shore.'"   Read More...


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/DEG Analysis of Revenue Effects of Residence-based Taxation

Background This is the second ACA/DEG analysis of a possible version – a so-called “Vanilla Approach” – to Residence-Based Taxation (RBT). The first study was released in November 2017, as the Tax Cuts and Jobs Act was being enacted.[1]   ACA Study[2] This study analyzes economic issues relating to RBT. During 2017 and 2018, DEG, under contract with ACA, constructed a model of income tax returns associated with US citizens residing abroad and several sets of related public data. This model was employed to analyze policy proposals for RBT. It was used for presentations to Tax Committee Congressional staffs, the US Treasury, and the Joint Committee on Taxation to further their understanding of the baseline data and issues with respect to RBT. This second study updates the 2017-2018 model, significantly expanding the number of countries in the individual-income-tax-return-to-United-Nations-immigration-statistics-cross-walk (a core …


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.'"