The Government Accountability Office (GAO) asked ACA, and other stakeholders, for input into a report on unclaimed retirement accounts and foreign pensions. ACA was able to provide information on the effects of FATCA and the reporting issues surrounding the legislation.
The final report focuses on key challenges U.S. participants face with: (1) unclaimed retirement accounts in the United States, and (2) complying with U.S. tax reporting requirements on their foreign retirement savings. The report covers some of the effects of FATCA implementation on U.S. individuals participating in workforce retirement plans located outside the U.S.
See the following pages of the “Full Report version 86 pages” for findings, observations, and recommendations specific to FATCA implementation (and completion of IRS Form 8938).
- Pages 15-16: Background on Reporting Foreign Accounts and Foreign Financial Assets
- Pages 34-35: Stakeholders Told GAO that U.S. Individuals Who Participate in Foreign Workplace Retirement Plans Face Multiple Challenges
- Pages 40-46: Requirements Can Be Costly for U.S. Individuals Who Participate in Foreign Workplace Retirement Plans
- Pages 51-53: Report Conclusions
- Pages 53-54: Matter for Congressional Consideration and Recommendations to Agencies
In the FATCA report, the cost and complexity for Americans filing Form 8938 have been highlighted. Reports such as this one are essential to ACA’s work as it officially puts on record with the Congress the problems and challenges.