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13 Jul 2017

Written by FATCA TRACKER | Posted in FATCA

Why Is Nobody Listening To The Repeal FATCA Calls?

Campaigners lobbying for the repeal of FATCA in the USA are demanding to know why President Donald Trump and Republicans in Washington are ignoring their call to axe the controversial tax law.
Around 24 separate lobby groups have come together under the Repeal FATCA banner.

They want to abolish FATCA and have spoken with Republicans in Washington DC to support them.

But despite the Republicans listing the repeal of FATCA as one of their presidential election policies, no mention has been made of FATCA since President Trump has entered office. Read more

3 comments | Tags: house republicans, nigel green, repeal fatca

20 Jun 2017

Written by FATCA TRACKER | Posted in FATCA

FATCA Must Be Killed By This Congress

The Foreign Account Tax Compliance Act (FATCA) imposed a worldwide financial disclosure information regime on every financial institution in the world, it is an international nightmare.

The Foreign Account Tax Compliance Act (FATCA) imposed a worldwide financial disclosure information regime on every financial institution in the world, it is an international nightmare.
There are several major problems with FATCA which are widely discussed and debated. Read more

No comments | Tags: Americans Abroad, Foreign Account Tax Compliance Act, intergovernmental agreements, IRS, Paying Taxes

11 May 2017

Written by John Richardson | Posted in FATCA

Establishing Same Country Exemption Through Legislation

The Maloney Approach

This is a continuation from a previous article, FATCA’s Same Country Exemption Won’t Work.

On April 25, 2017 Congresswoman Maloney introduced H.R. 2136: “To amend the Internal Revenue Code of 1986 to provide an exception from certain reporting requirements with respect to the foreign accounts of individuals who live abroad.”

One comment | Tags: Expats, international, legislation, Maloney Approach, same country exemption

10 May 2017

Written by John Richardson | Posted in FATCA

FATCA’s Same Country Exemption Won’t Work

Introduction: If you were to REPEAL FATCA

A previous post discussing the what exactly is meant by FATCA and the Mark Meadows “Repeal FATCA” bill, described:

FATCA is the collective effect of a number of specific amendments to the Internal Revenue Code which are designed to target both (1) Foreign Financial Institutions and (2) those “U.S. Persons” who are their customers.

No comments | Tags: meadows, regulation, repeal fatca, same country exemption

05 May 2017

Written by William Byrnes | Posted in FATCA

Tax Justice Network Finds The Necessary $70 Billion

Forgive the alarmist headline. But I just read Tax Justice Network (TJN)/ITEP defending FATCA again because it can raise $40 billion to $70 billion tax revenue a year for the U.S. Enough already. I hope that Tax Justice/ITEP are correct and that $70 billion a year remains to be recovered by the IRS from non-reported foreign income.

6 comments | Tags: tax evasion, Tax Justice Network

02 May 2017

Written by John Richardson | Posted in FATCA

How Exactly Does The Meadow Bill Repeal FATCA?

(This blog is continued from a longer set of posts which you can find here: Part 1: Introducing FATCA – What Does It Mean In Your Life? and Part 2: FATCA: How Does The Meadows Bill Interact?)

I was asked to answer the question:

“What exactly would it mean to repeal FATCA?”

The short answer to the question is:

“We make FATCA go away by reversing all the changes to the Internal Revenue Code that collectively comprise FATCA.”

One comment | Tags: Canada, HIRE Act, legislation, meadows bill, repealing fatca

27 Apr 2017

Written by John Richardson | Posted in FATCA

FATCA: How Does The Meadows Bill Interact?

(This is a continuation of a previous post by John Richardson titled, “Introducing FATCA – What Does It Mean In Your Life?” It gives a great summary of FATCA and leads directly into this article.)

First, About the FATCA legislation …

2012 – The world according to FATCA – For the compliance industry: “The Gift That Just Keeps on Giving.”

One comment | Tags: Canada, fatca iga, HIRE Act, International Tax, meadows bill, US Citizens

25 Apr 2017

Written by John Richardson | Posted in FATCA

Introducing FATCA – What Does It Mean In Your Life?

Be patient. Settle in for the ride. Historians will write much about the role FATCA played in eroding America’s role as a world power.

There is no legislative record which explains the purpose of FATCA. FATCA appeared as an “offset provision” in the HIRE Act which was signed into law by President Obama in March of 2010. Some claim that FATCA was for the purpose of preventing Homeland Americans from “stashing their wealth” in unreported “foreign bank accounts” outside the United States.

4 comments | Tags: american citizen, Expatriates, foreign, HIRE Act

10 Apr 2017

Written by William Byrnes | Posted in Common Reporting Standard • Common Reporting Standards • Exchange of Information • FATCA

How The U.S. Can Leverage FATCA Bilateral Process

TaxConnections Member Professor William Byrnes examines whether it is prudent for taxpayers to trust the governments of the 117 countries that scored a fifty or below on Transparency International’s corruption index. The complete information system invoked by the Foreign Account Tax Compliance Act (FATCA) encourages, even prolongs, the bad behavior of black hat governments by providing fuel (financial information) to feed the fire of corruption and suppression of rivals. Professor Byrnes recommends that the United States leverage a “carrot-stick” policy tool to incentivize bad actors to adopt best tax administration practices.

Article download at https://ssrn.com/abstract=2916444

No comments | Tags: Common Reporting Standards, Exchange of Information, FATCA, OECD

23 Mar 2017

Written by FATCA TRACKER | Posted in FATCA

Nigel Green: ‘My Fight To Repeal FATCA’

The Foreign Account Tax Compliance Act was signed into law by President Obama in March, 2010; a few months later, the deVere Group announced that it would begin to formally start looking after American expatriate clients.

Here, Green discusses his opposition to FATCA and why it remains a priority, even at a time when other issues, including the changing landscape for UK pension transfers, are also demanding his attention.

No comments | Tags: 2017, nigel green, repeal fatca, Tax Reform

22 Mar 2017

Written by FATCA TRACKER | Posted in FATCA

FATCA Repeal On Agenda Of U.S. Republicans

Source: Repeal FATCA.

Washington’s Foreign Accounts Tax Compliance Act, known as FATCA, will be assailed afresh as lawyers and lobbyists renew efforts to repeal the law as part of President Donald Trump’s tax reform.

No comments | Tags: Expatriates, jim jatras, repealfatca.com, Tax Reform

21 Mar 2017

Written by John Richardson | Posted in FATCA

FATCA Inquisition For Canadians Applying For Life Insurance

Sad but true. It’s quite understandable that from a “U.S. Worldview” that a life insurance policy is nothing but a “sacred instrument of tax deferral” (and therefore of tax evasion). U.S. citizens are the most highly regulated people in the world. As such it is no surprise that the possible purchase of life insurance could trigger FATCA scrutiny. (In that “Shining city on the hill” those who purchase life insurance are clearly “up to no good” – “no good at all!”)

5 comments | Tags: Canada, Canadian citizens, Life Insurance

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