- The Internal Revenue Service Has Offered Penalty, Filing Relief to Many Who Are Subject to the New Transition Tax on Foreign Earnings (June 5, 2018)
- American Citizens Abroad update on Residency-based taxation (RBT) (May 4, 2018)
- ACA Submits Statement to Senate Finance Committee Hearings On Early Impressions Of TCJA (April 24, 2018)
- Treasury Department provides some relief from the new transition tax for Americans Overseas (April 4, 2018)
- ACA Write to Treasury Department (March 22, 2018)
- Congressman George Holding (R-NC) received ACA Benjamin Franklin Award for service on behalf of the Overseas American community (January 31, 2018)
- American Citizens Abroad (ACA) Calls on Congress to Hold Hearings on Taxation of Americans Abroad (December 29, 2017)
- ACA Statement on Tax Reform (December 4, 2017)
- American Citizens Abroad Completes Crowd-Funding of Revenue Estimates for Push for Residency-Based Taxation as Part of Tax Reform (November 21, 2017)
- ACA submits statement urging Senate to include residency-based taxation (RBT) in Senate bill (November 13, 2017)
- Increasing or eliminating the cap on the Foreign Earned Income Exclusion (FEIE) is not the solution to tax reform for Americans overseas (November 13, 2017)
- American Citizens Abroad, Inc. (ACA) and American Citizens Abroad Global Foundation (ACAGF) Announces Tax Reform Revenue Estimate Analysis (November 7, 2017)
- American Citizens Abroad (ACA) Responds to GOP Tax Reform Bill (November 2, 2017)
- American Citizens Abroad (ACA) Releases Updated Refinements on Residency-Based Taxation (September 29, 2017)
- ACA submits comments to Senate Finance Committee on reforming tax for overseas Americans (July 18, 2017)
- ACA produces “All You Need to Know” video for its award winning ACA-Member/SDFCU Account (May 23, 2017)
ACA IN THE NEWS
ACA is frequently called on for on-air media interviews and quoted in leading publications such as The Hill, Bloomberg, The Wall Street Journal. Below are recent articles where ACA was quoted.
- Politico (June 18, 2018)
More Foundation Fallout
"HELP FOR EXPATS? Rep. George Holding (R-N.C.) hopes to introduce a measure rolling out something akin to a territorial system for individuals, Tax Notes’ Dylan Moroses reports. Holding said his bill creating a residency-based system is currently getting looked at by the Joint Committee On Taxation, and acknowledged working with American Citizens Abroad — a group that has loudly lobbied for the U.S. to stop taxing citizens on their worldwide income."
- International Investment (June 5, 2018)
Expat Americans given one-year business tax reprieve
"Charles Bruce, legal counsel of American Citizens Abroad said, 'It is frankly ridiculous. They should not be put through the same wringer as the largest US multinational corporations, making the same calculations and completing and filing exactly the same form.'"
"American Citizens Abroad said it is hoping smaller companies and tax payers will be removed from the levy altogether."
- Financial Times (June 5, 2018)
Expat Americans given one-year reprieve on repatriation tax
“Groups such as American Citizens Abroad, an advocacy group in Washington, have long argued for a system of residency-based taxation rather than the current citizenship-based system.”
- International Investment (April 25, 2018)
As US expat groups lobby, Washington lawmakers debate Trump tax bill
“ACA knows that that the Republican leadership appreciates that [the TCJA] was a ’miss’ so far as Americans abroad are concerned and, worse, that it did serious damage. They have said again and again that they want to put this right, and we know work is being done in members’ offices.”
The Tax Benefits and Drawbacks of Working Overseas
“(Income) is taxed in the foreign jurisdiction where the American lives,” said ACA’s Serrato. “Perhaps not taxed in the traditional manner as those living in the U.S.—some Middle Eastern countries do not have ‘income’ tax per se and use other measures to raise revenues in lieu of taxes, however, an American is still subject to this ‘tax.'”
Taxing Americans Abroad - Congress Draws Breath
"With headline-grabbing tax reform out of the way, Congress appears ready to turn to the subject pf taxing Americans abroad, who are making for sensible changes...Switching to residency-based taxation for sure is possible and, in my view, trending towards likely. Now's the time for everyone to push hard. Now's the time for Congress to hold hearings where everything can be put on the table."
‘Accidental Americans’ in France looking to French gov’t for help
"Charles Bruce, a former tax counsel at the Senate finance committee who now serves as legal counsel to the ACA, and who splits spends part of his time living and working in Europe when not in Washington, told International Investment that the ACA is calling on Congress to hold hearings on the taxation of Americans abroad “early in the new year”, with changing the tax regime to one based on residency a priority.
“ACA will probably also ask the Treasury/IRS to provide thresholds below which people need not worry about the deemed repatriation hit,” he added, referring to the unexpected “controlled foreign corporations” tax that emerged in the Tax Cuts and Jobs Act."
Americans abroad hit by Trump’s new repatriation tax rules
"The good thing about this is that it really highlights that the taxation of Americans overseas is just not right,” Mr Bruce said. “The problem is that people don’t think about Americans overseas . . . There’s no congressman representing Americans in France.”
US expat groups vow to continue fight to end citizenship-based tax regime, repeal FATCA
“tax reform – without RBT [a proposal to change the US to a residence-based rather than citizenship-based taxation model] – is not done until the House and Senate work out the differences in the two versions of the bill”.
Royal bride-to-be Meghan Markle’s US citizenship intrigues tax experts
"Charles Bruce, a Switzerland-based American tax lawyer with Bonnard Lawson-Lausanne who also represents the American Citizens Abroad as its legal counsel, says his advice to any American about to marry into a wealthy non-American family also would be to get the best advice possible as soon as possible – and then, to get an equally good second opinion."
US expat groups urge pressure on DC lawmakers as tax reform vote nears
"American Citizens Abroad sent its latest statement on the matter – about which it has been actively campaigning for months – to the Senate, formally informing its members that “a revenue-neutral, tight-against-abuse, harmful-to-no-one approach to residency based taxation” could be easily added to the tax reform legislation."
U.S. expats may be out of luck in tax reform
"One group representing U.S. expatriates, American Citizens Abroad, is pushing a bill that wouldn't reduce federal revenue by changing to RBT. The current citizen-based taxation only raises about $5 billion to $8 billion annually.”
Residency-based taxation: Americans living in Israel may soon see benefits
"For many years, the persistent call for change in the taxation of American corporations and individuals abroad has gone unanswered. However, the current US administration’s actions suggest the very real possibility of new tax rules, sooner rather than later. Indeed, assuming no major legislative disturbance or some catastrophe, such as a Russian-related scandal or open conflict with North Korea, some are predicting new tax rules before the end of this year. For American citizens living in Israel, this would mean relief from onerous compliance requirements and potential penalties that can lead to financial ruin."
- International Investment (November 17, 2017)
Hopes for change to US citizenship-based regime still alive, campaigners say
"Marylouise Serrato, executive director of the American Citizens Abroad, said today that although residence-based taxation (RBT) isn’t currently mentioned in the bill that was approved yesterday, “there is still movement on RBT, and [still] time for its inclusion” in the final draft. The matter, for example, could also be brought up later on, including during debate on the Senate floor.
“ACA remains hopeful, and we are busy working offices in the Senate, Joint Committee on Taxation (JCT), etc., where we have interested parties,” she added."
- Financial Post (November 7, 2017)
Congress is considering giving Americans in Canada an incredible tax break
"The U.S. Congress has been mulling changes in the way American individuals abroad are taxed by shifting from a citizen-based income-tax system to a residence-based system that would only tax people on the income they earn in the U.S. Americans abroad would no longer be taxed on worldwide income simply because they are U.S. citizens; they would only have to pay tax to the country where they live.
This change would align U.S. rules with that of just about every other country in the world, except Eritrea."
- International Investment (November 7, 2017)
Residence-based tax regime ‘would be revenue-neutral’ for US: research
"Today, Marylouise Serrato, executive director of the American Citizens Abroad, said that although the organisation and its advisers had “thought for some time” that a residence-based tax system need not cost the US Treasury anything in the way of lost revenues, “we are very pleased to have this confirmed”."
- International Investment (November 3, 2017)
US expats’ fingers still crossed as first draft of tax reform bill doesn’t address overseas individuals
“The good news is that the game is [still] on,” the American Citizens Abroad said yesterday, after the House of Representatives unveiled the first draft of the long-awaited Republican tax reform bill –which said nothing one way or other about the taxation of individual Americans who don’t reside in the US.
- Expat Briefing (November 2, 2017)
US Passports Won't Be Seized For FBAR Violations: ACA
Americans and prospective US citizens will not lose their right to a US passport for incurring significant penalties for failing to declare a foreign bank account to the Internal Revenue Service, a taxpayer lobby group has said.