The National Taxpayer Advocate's Continued Support of Americans Living and Working Overseas
Nina Olson, in the National Taxpayer Advocate’s latest report to Congress, highlights issues and concerns over the Foreign Account Tax Compliance Act (FATCA) and its effect on Americans living and working overseas. See: https://taxpayeradvocate.irs.gov/Media/Default/Documents/2016-JRC/Area_of_Focus_4_Implementation_of_FATCA.pdf
The report to Congress notes that, "Many U.S. taxpayers, particularly those living abroad, have incurred increased compliance burdens and costs as a result of FATCA’s expanded reporting obligations, most of which repeat existing Report of Foreign Bank and Financial Accounts (FBAR) filing requirements. These hardships include additional tax preparation fees and the unwillingness of some foreign financial institutions to do business with U.S. expatriates.”
ACA thanks the Taxpayer Advocate for its continued support of Americans living and working overseas and for helping to keep focus on the issues facing this community.