ACA In the News: Americans Abroad Protest Offshore Reporting Regs by Benjamin Guggenheim
Tax Notes International, p. 963 (February 21, 2022)
Americans Abroad Protest Offshore Reporting Regs by BenjaminGuggenheim
"Americans living overseas are unfairly targeted by a confusing array of tax reporting requirements, according to comments submitted to Treasury by American Citizens Abroad (ACA).
In February 14 comments to Treasury’s Financial Crimes Enforcement Network for its review of Bank Secrecy Act regulations, ACA said the foreign bank account report and PATRIOT Act Customer Identification Program (CIP) regimes create a needlessly confusing array of reporting requirements for U.S. citizens in foreign countries.
While intended to combat international money laundering schemes and other financial crimes, the regulations frequently result in the assessment of hefty penalties for tax evasion against well-meaning U.S. citizens, the nonprofit group said."