Even though few US citizens and green-card holders living abroad owe any US taxes, most are required to file with the US government:
On Tuesday, May 28, the Economic and Monetary Committee of the European Parliament held a public hearing on the implications for Europe of FATCA implementation.
FAWCO and AARO wrote to two members of the EU Committee expressing concern for two segments of the population they represent: Europeans with American spouses or domestic/business partners, and "accidental" Americans with dual nationality, who...
Americans Abroad are Denied Access to Banking and Investment Opportunities
Americans living and working overseas should have the right to banking and investment services, where they reside and in the United States. This is critical in the modern world. Americans abroad should not be subject to discriminatory policies that restrict or shut down banking relationships.
Many banks in the United...
The Impact of the Foreign Account Tax Compliance Act (FATCA)
FATCA, the Foreign Account Tax Compliance Act, targets those who evade paying taxes by hiding assets in undisclosed foreign bank accounts but negatively impacts and penalizes American citizens overseas and US economic interests.
FATCA requires Foreign Financial Institutions (FFIs) to provide annual reports to the IRS, either directly or through...
Two members of the Americans Abroad Caucus (Representatives Mike Honda of California and Carolyn Maloney of New York) have been joined by Representative Jim McDermott of Washington in requesting that the U.S. Government Accountability Office conduct a review of the potential impacts of any reduction in or elimination of current I.R.S provisions for exclusion of foreign-earned income and housing costs...
On June 26, the IRS issued IR-2012-65, a plan “to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues.”
IRS Commissioner Doug Shulman said, "Today we are announcing a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations and...
On Tuesday, March 20, Congresswoman Carolyn Maloney of New York, Ranking Member of the House Committee on Financial Institutions and Consumer Credit, put a direct question to Treasury Secretary Timothy Geithner concerning the difficulties overseas Americans are increasingly encountering in maintaining or opening bank accounts abroad, where they live and work and need access to financial services.
In response, Secretary...
