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    US Tax & Banking

    2. US Issues
    3. US Tax & Banking
    2. US Issues
    3. US Tax & Banking

    US Tax & Banking Articles

    On April 13, National Taxpayer Advocate Nina Olson issued recommendations fully in line with those of the AARO-FAWCO position paper in March 2015 with respect to financial account reporting and the “same country exception” that we have advocated for several years.

    Specifically, Ms Olson recommends that:

    ·       filing of FATCA Form 8938 not be required of taxpayers who have timely filed FinCEN...

    Read more: FAWCO salutes National Taxpayer Advocate recommendations on FBAR & FATCA

    In her Annual Report to Congress for 2014, National Taxpayer Advocate Nina Olson addresses certain issues (her "Most Serious Problems") and makes certain Legislative Recommendations specifically related to overseas taxpayers.

    We need actively to support her recommendations that seek to alleviate both the loss of access to IRS service abroad and the excessive burden of our mandatory filing of a...

    Read more: Taxpayer Advocate: Most Serious Problems & Recommendations

    The United States National Taxpayer Advocate Nina Olson has released her Annual Report for 2014 and, in Legislative Recommendation #6, advocates reducing the burden of filing a report of Foreign Bank and Financial Accounts (FBAR) and improving the corresponding civil penalty structure.  She refers directly to the “unintended consequence of the civil FBAR penalty regime, which is designed to address...
    Read more: National Taxpayer Advocate on reducing FBAR filing burden

    Staying Compliant with Your US Expat Tax Obligations


    A FREE Webinar by Greenback Expat Tax Services created exclusively for FAWCO members!

    Tuesday April 14, 2015

    8 AM New York
    9 AM Buenos Aires
    1 PM London
    2 PM Paris
    8 PM Singapore


    With the hundreds of US tax code changes every year, how is an expat expected to keep up with all of their US...

    Read more: FREE Webinar on US Expat Tax Compliance

    FAWCO's partner organization ACA, Inc. (Americans Citizens Abroad) has launched the first-ever online Directory of tax return preparers and others servicing Americans overseas.  After an initial listing of 106 Preparers, the total number stands today at nearly 1800.  This innovative new Directory serves Americans overseas and others needing specialized US tax and similar advice.

    The Directory is easily found at http://www.acareturnpreparerdirectory.com,
    Read more: New Resource: Tax Preparer Directory

    On March 11, the Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) announced a bipartisan effort to begin soliciting ideas from interested members of the public and stakeholders on how best to overhaul the nation’s broken tax code to make it simpler, fairer, and more efficient.  Their goal is to provide additional input, data, and...
    Read more: Respond to Senate Finance Comm. (by April 15)

    Foreign Bank and Financial Accounts Report (FBAR) - Due June 30

    IMPORTANT NOTICE:  FAWCO Tax & Banking Disclaimer
    FAWCO Club leaders, please also see FBAR-related Important Club FBAR Information.  

    In a nutshell - who must file an FBAR:  A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate...
    Read more: Foreign Bank and Financial Accounts Report
    1. Bank Secrecy “Obsolete”
    2. Report back from FAWCO Tax Info Webinar
    3. Taking the pulse of overseas taxpayers/filers
    4. Penalties waived for non-willful non-filing US residents overseas

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