US Treasury and IRS need to adopt Same Country Exemption (SCE) for FATCA Reporting

Now is the time for the U.S. Treasury Department to pass Same Country Exemption (SCE) regulatory relief for Foreign Account Tax Compliance Act (FATCA) filing. Adopting this regulation would ensure that U.S. citizens living and working overseas are not locked out of foreign bank and financial access. It’s simple. It does not require legislation. It will not invite cheating.

ACA has developed Same Country Exemption, which will alleviate the foreign financial bank lock-out problem for U.S. citizens overseas by removing from FATCA reporting financial accounts held in their foreign country of residence. This proposal is supported by the National Taxpayer Advocate in the Overseas Americans Financial Access Act.  SCE is not a replacement for Residence-based taxation (RBT). It is a short-term solution to the current problem of foreign financial access lockout. ACA submitted testimony to the House Subcommittee on Government Operations  hearings ”Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act. The GAO touched on FATCA and ACA is footnoted in their report.

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