ACA submits comments on recommendations for FBAR form FinCEN Form-114
ACA recommends eliminating FBAR FinCEN-114 Form reporting requirements and allow information sharing using FATCA Form 8938 of taxpayer's tax return or increasing the threshold for filing an FBAR FinCEN Form-114 to the same threshold as is required for FATCA Form 8938 for taxpayers living abroad and adjust for inflation annually. Read ACA's full submission.
The National Taxpayer Advocate (NTA) recommends an exception to FATCA reporting for financial accounts held in the country in which the U.S. taxpayer is a bona fide resident, leaving in place the filing requirements for FBAR. NTA notes support of harmonization of FATCA and FBAR reporting regimes by other government agencies such as the Government Accountability Office (GAO). Read NTA's full recommendations.
Submissions by ACA and recommendations by NTA are critically important as they provide the Congress and the IRS and Treasury Department with valuable information on the filing requirements of overseas taxpayers and suggestions on how to alleviate some of the most pressing issues. These recommendations need to be put on record with the tax writing committees through hearings. Click to join the "Americans Abroad Fight for Tax Fairness!" write-in campaign for hearings.