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ACA VOICE Q3 2017

 

Hello [firstname],

The quarterly ACA Voice focuses on in-depth analysis of core issues relevant to Americans abroad. For frequent news updates and information on ACA developments, be sure to visit our website, Facebook page, and Twitter feed.


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Important: Don't forget!


In early May, ACA's sister organization, American Citizens Abroad Global Foundation, began work with District Economics Group in Washington, DC to develop revenue estimates. The estimates are key to promoting residency-based taxation work in Congress. ACA, as well as many others, including Members of Congress, believe that for this change to succeed, it will be necessary for it to be revenue neutral or something approaching revenue neutral, as well as “tight” against abuse. There is a cost to preparing the revenue estimates and to explaining them to staffs and Members. ACAGF launched a “crowd-funding” through its and ACA, Inc.’s websites and social media. This was successful in raising the initial tranche needed, and the effort continues. 


YOU ARE URGED TO GO TO THE ACA WEBSITE AND CONTRIBUTE. PLEASE GIVE THIS YOUR IMMEDIATE ATTENTION. http://acaglobalfoundation.org/donate

RBT

Latest News

 
Update on Passport Revocation Provision
Although the IRS has not yet started certifying tax debt to the State Department for the Passport Revocation Provision legislation (certifications to the State Department will begin in January 2018), in recent meeting with the Taxpayer Advocate and other administrative offices, the opinion is that FBAR penalties will not considered as seriously delinquent tax debts and won’t be certified for passport denial or ... [More Info]
 
ACA’s residency-based taxation (RBT) approach to the tax treatment of Americans overseas is published in Tax Notes
ACA’s Residency-based taxation (RBT) approach to the tax treatment of Americans overseas is published in Tax Notes.  Having exposure of ACA and its work in this publication is key to advancing our thinking on the subject of taxation of Americans living and working overseas.    Click to read Advancements on ACA's  Residency-based taxation (RBT) Approach. [More Info]
 
ACA Releases Updated Refinements on Residency-Based Taxation
Washington, DC September 29, 2017   American Citizens Abroad (ACA) Releases Updated Refinements on Residency-Based Taxation For Immediate Release: ACA’s initial “vanilla approach” to Residency-based taxation (RBT) was released in 2016. As a result of input from ACA members and supporters, data from the revenue estimating work being done with District Economics Group (DEG) and soundings with Congressional Members’ and ... [More Info]


Academic and Professional POV Articles

 
W(H)Ither the Tax Gap?

Author: Jay A. Soled, Rutgers University, and James Alm, Tulane University

Professors Jay A. Soled of Rutgers University and James Alm of Tulane University analyze the “tax gap” in their recent abstract, W(H)Ither the Tax Gap?”   The paper analyzes whether the “tax gap” or the difference between what taxpayers are legally obligated to pay and what they actually pay is really growing in size or is it diminishing or “withering” ... [More Info]

 
Estate Planning for US Citizens Living Overseas

Author: Leanne Fryer Broyles, Esq. of Frost & Associates, LLC

If you are a US Citizen living abroad, you may wonder if the will you executed in the United States will still work for you.  Depending on your individual circumstances, your US will may continue to work for your overseas assets.  However, there is a good chance that you need to update your estate plan.  This article discusses the issues ... [More Info]


Upcoming ACA Events

 
ACA Town Hall Evening London
  Currently Planned for 1st Quarter 2018. More Details to Follow. [More Info]

Recent ACA Events

ACA’s month of Town Hall Events in Italy, Switzerland and the UK.

ACA’s management team was on a whirlwind tour of Europe and the UK hosting Town Hall Events in Rome, Basel, Zurich and London.

ACA’s events were intended to raise awareness and funds for RBT and educate the community on current topics of interest.

TOWN HALL ROME, ITALY, SEPTEMBER 20TH 2017

ACA began in Rome where on September 20th we hosted a Town Hall Evening at Hotel Domus in central Rome. The event was well attended by the local American community, including representatives from the US Embassy who gave a short review of the US citizen services available from the US State Department.

This presentation was followed by an ACA update on its advocacy work for RBT in Washington, DC. Marylouise Serrato, Executive Director of ACA updated attendees on ACA’s revenue estimating work with District Economics Group (DEG) and our door knocking up on the Hill with Congressional offices and the tax writing Committees.

Francesca Romana Rubino, an independent legal services professional and enrolled agent of the IRS then presented, “Top items every American taxpayer in Italy should know about.” Francesca specializes in expatriate tax, social security, immigration and legal issues for foreigners in Italy and Italians abroad. She handles preparation of Italian and US tax returns for individuals/expatriates.

Francesca’s presentation covered a wealth of information on US tax filing obligations for Americans living overseas, as well as, Italian tax filing requirements. Her presentation is available for members in the members-only section of the website.

A Q&A session followed and the evening closed with traditional Roman “aperitivo” with snacks (more like a meal remember we were in Italy!) and drinks. This gave attendees an opportunity to speak directly with the presenters and mingle with other Americans living in Rome.

LONDON FUNDRAISER, SEPTEMBER 22, 2017

On September 22nd ACA hosted a fundraiser at the Caledonian Club in central London. Charles Bruce, ACA Legal Counsel, Michael Larsen, ACA UK Chapter Chairman and ACA Board member, and Marylouise Serrato, ACA Executive Director, gave updates on its work in Washington, DC with Mr. Bruce providing insight into where ACA sees the current Administration and Congress heading on tax reform. Both Mr. Bruce and Ms. Serrato spoke about ACA’s work on RBT and the revenue estimates and what a move to RBT might mean for individuals, investment advisers, asset managers and bankers. Mr. Larsen gave an update on ACA’s UK Chapter efforts and the UK Chapter’s work in supporting ACA efforts in Washington, DC.

Mr. Larsen gave an update on ACA’s UK Chapter efforts and the UK Chapter’s work in supporting ACA efforts in Washington, DC.

TOWN HALL BASEL, SWITZERLAND, SEPTEMBER 26TH 2017

On September 26th, ACA hosted a Town Hall Evening in Basel, Switzerland at the historic Zunftsall. Topics covered included IRS tax code developments in the new administration, financial and retirement challenges for US citizens abroad and last will and testament issues for US persons in Switzerland.

The evening was kicked off with a cocktail hour hosted by sponsor Margaret Conklin where attendees to could mingle and meet the presenters.

Presentations opened with ACA’s Executive Director Marylouise Serrato giving an update on its advocacy work for RBT in Washington, DC., updating attendees on ACA’s revenue estimating work with District Economics Group (DEG) and our door knocking up on the Hill with Congressional offices and the tax writing Committees.

Sponsors Anaford AG, Matthew Ledvina, CMS Switzerland, Tobias Somary, KLR, Francheska Pimentel and, White Lighthouse, Jonathan Lachowitz presented on current US tax filing requirements, estate planning and retirement planning. Jonathan Lachowitz, presenter and ACA Board member moderated a lively follow-up Q&A. The presentations and information was much appreciated by the 50+ crowd that attended. Presentation are available for members in the members-only section of the website.

TOWN HALL ZÜRICH, SWITZERLAND, SEPTEMBER 27TH 2017

On September 27th, ACA hosted its next Town Hall in Zurich Switzerland at the French Church Hall. They same topics were covered as were presented at the Basel Town Hall the prior evening to a crowd of nearly 80 attendees.

The Zurich Town Hall followed the same format as Basel with a presentation by ACA Executive Director Marylouise Serrato followed by topic presentations by Anaford AG, Milan Patel, CMS Switzerland, Tobias Somary, Margaret Conklin, Independent CPA and White Lighthouse, Jonathan Lachowitz.

ACA Board members Anne Hornung Soukup also presented on behalf of ACA, highlighting the long history of ACA’s work on Americans overseas issues.

Again, a lively Q&A closed out the evening with Jonathan Lachowitz moderating. Presentation are available for members in the members-only section of the website.

ACA thanks all the volunteers and sponsors who helped to make these events a success.

For donations to ACA work on RBT please visit: http://acaglobalfoundation.org/donate

ACA Members can log into the Members-Only page to see presentation materials from the recent Basel and Zurich Town Halls.


NEW Members-only Content!


Don’t forget that ACA members have access to the Members-only section with exclusive ACA content.

New to the Members-only section is a webinar on Social Security.

Jack Leuchtman of the US Social Security and Federal Benefits Unit at the US Embassy in London sat down with Michael Larsen, ACA UK Chapter Chairman and Member of the ACA Board and Executive Committee, to talk about Social Security issues for Americans overseas. Be sure to listen in on this short but informative webinar. If you have specific questions after attending the webinar please let us know. info@americansabroad.org

But don’t forget that there is more in the Members-only section.

Check out the August 10 update on tax reform and RBT. You will hear about ACA’s advocacy work in Washington, DC and latest developments.

A webinar on ACA’s exclusive ACA-Members/SDFCU bank account is also available. This webinar gives you information on many of the features and products available through the ACA-Members/SDFCU bank account.

Past issues of the ACA newsletter along with our entire member-only E-blast mailings; updates, press releases, media articles, can also be found in the Members-only section.

Visit today for exclusive content available only to ACA members. Let us know what you think!


SDFCU


ACA in the Media


Forbes (October 6, 2017)

ACA: Tax Reform Should Tackle The Worldwide Tax System 


Wall Street Journal (October 6, 2017)

Trump Tax Plan and You: WSJ Answers More of Your Questions 


International Invesment (September 13, 2017)

US political parties, other overseas groups ramp up resi-based tax campaign 


Newsroom Panama (September 10, 2017)

Potential tax changes for Americans in Panama 


The News (September 5, 2017)

Possible Changes on Taxation for U.S. Citizens in Mexico and Abroad 


International Investment (August 15, 2017)

Now it’s Swiss expats who are struggling to keep their homeland accounts 


CBS News (August 7, 2017)

Why more Americans are handing in their citizenship 


The Royal Gazette (July 26, 2017)

Double taxation could be thing of the past



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Email: info@americansabroad.org
Visit us at: www.americansabroad.org


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