Law360 Tax Authority (March 25, 2020)
IRS Extends FATCA Filing Deadline To July 15
By: Theresa Schliep
"The FATCA deadline relief comes as Congress works to pass another round of economic stimulus to mitigate fallout from the coronavirus. The legislation includes a planned $1,200 rebate provided to most taxpayers by the IRS and tax breaks for small businesses and large employers.
However, Congress and the U.S. Department of the Treasury have to do more to address the unique needs of Americans living and working abroad, the nonprofit American Citizens Abroad said in a letter dated Monday. Expatriates often have different tax deadlines, and many don’t have U.S. bank accounts to receive the planned refundable tax credit, the group argued in the letter.
American Citizens Abroad also argued that the federal government has previously failed to address the unique tax needs of Americans abroad, such as in the drafting and execution of the TCJA, the group said. The government should carefully draft COVID-19 relief to meet those needs, the group said."