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ACA in the News: Will U.S. expats, accidentals finally make progress in 2023, with their anti-CBT fight?

  The American Expat Financial News Journal (February 14, 2023)    Will U.S. expats, accidentals finally make progress in 2023, with their anti-CBT fight?   "A little over one month into the new year, a global challenge to the United States' citizenship-based tax regime is emerging on several fronts, as awareness continues to grow of the tax regime's major role in the many problems U.S. expats and so-called accidental Americans continue to struggle with."   "among some of the other recent developments in an already-established anti-CBT network of entities and ongoing activities, which, just in the past three years, has seen:     * The publication last April, of the ACA/DEG Analysis of Revenue Effects of Residence-Based Taxation, a major study that it the American Citizens Abroad said had been prepared over the preceding 10 months for its sister organization, …


"Notice 2023-11: Temporary Relief for Permanent FATCA Problems" by Robert Goulder

Tax Notes International, January 16, 2023   "Notice 2023-11: Temporary Relief for Permanent FATCA Problems" by Robert Goulder*   This article highlights many of the inherent problems with FATCA and recommends Same Country Exemption (SCE) as a potential way to help alleviate some of the problems.   "Notice 2023-11 raises a basic question: When a national revenue body is forced to place so many behavioral demands on external parties, is the problem that some people in faraway places are being recalcitrant or that Congress built the U.S. regime on a deviant concept (citizenship-based taxation) that doesn’t mesh with how the rest of the tax world operates? As I’ve written before, FATCA wouldn’t be nearly so offensive if the United States adhered to residence-based taxation — the global norm. Other nations have sophisticated individual income tax systems, so why does no other country find itself imposing similar demands on outsiders?"   Read More...   …


ACA in the News: BREAKING: US Supreme Court declines to hear FBAR plea of Boston-area gran, 82

  The American Expat Financial News Journal (January 24, 2023)   BREAKING: US Supreme Court declines to hear FBAR plea of Boston-area gran, 82   "Advocates of a fairer treatment by the U.S. of "ordinary" American taxpayers who find themselves accused of financial transgressions they weren't aware of have been expressing disappointment – as well as concern – over a U.S. Supreme Court decision not to hear a case involving an 82-year-old American grandmother's challenge of a US$2.17 million fine she received for having failed to file FBARs (Foreign Bank Account Reports)."   "The American Citizens Abroad, the U.S. expat advocacy organization based in Washington, DC, said the Supreme Court's decision not to hear the Toth case was "unfortunate," and added that even though Monica Toth isn't a U.S. citizen living overseas, her situation nevertheless did "raise concerns for U.S. …


ACA in the News: Group Voices Compliance Concerns Following IRS FATCA Notice

  Tax Notes Federal, January 16, 2023 “Group Voices Compliance Concerns Following IRS FATCA Notice,” by Kiarra M. Strocko   "Despite its relaxation of U.S. taxpayer identification number requirements for some foreign financial institutions, the government isn’t backing down on enforcing reporting obligations under the Foreign Account Tax Compliance Act, American Citizens Abroad (ACA) said." “'The IRS’s push for FATCA compliance is not going to go away,' ACA said in a January 11 statement. Although taxpayers will now be able to “catch up” or avoid penalties for noncompliance, the IRS will not give them a pass if they don’t have a TIN, the statement says. Charles M. Bruce, legal counsel for ACA, told Tax Notes that 'FFIs and foreign jurisdictions even more visibly will be coaxing American citizens abroad to comply.'”   “'FFIs will probably view this notice as a reasonable step forward,' ACA said in its statement. However, it added, 'taxpayers should view it as …


ACA in the News: Millions of Americans have left the country. Where are they going, and why?

The Washington Post (December 23, 2022) Millions of Americans have left the country. Where are they going, and why?   "The U.S. government does not keep a close count of Americans who have left the country; few governments do. The State Department asks some expatriates to register, but it does not maintain comprehensive, up-to-date directories. So, to count emigrants, we need a little help from our friends. Or at least from their statistical agencies. The United Nations and World Bank collect data on foreign-born populations from local censuses and surveys all over the world, and use them to estimate migration patterns between more than 200 countries and localities. By their estimate, the population of American-born people abroad sat around 2.8 million as of 2020. To keep their measurements consistent across countries and time periods — and to avoid double-counting millions …


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...