Recognizing, as announced on June 3, that there is a large population of Americans residing abroad who have been afraid to become “compliant” and honor mandatory tax and financial asset reporting requirements imposed by the US Internal Revenue Service, the IRS announced on June 18 “major changes in its offshore voluntary compliance programs, providing new options to help (…) taxpayers...
FAWCO's partner organization AARO (Association of Americans Resident Overseas) is launching a survey of the overseas Americans community concerning the “denial of financial services” to US citizens and greencard holders.
There is no need today to describe the precarious situation in which many “US tax persons” find themselves because financial services are being denied both in the United States (though “Patriot...
Unfortunately the US continues to tax many savings vehicles used by foreign retirement accounts disadvantageously (PFIC rules). We are working on raising awareness of this unfair practice in Washington. In some of the recently negotiated Intergovernmental Agreements, like in Switzerland, many foreign retirement programs are exempted from FATCA reporting. In some, but not all, countries some form of similar treatment...
