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2 thoughts on “Did You Receive A Letter From Your Foreign Bank, Urging You To Report Your Account To The U.S. Government Under FATCA?

  1. Avatar SwissTechie says:

    US expats have local accounts, not foreign accounts.

  2. Avatar calgary411 says:

    On the other hand, check out the TaxConnections FATCA Tracker (I see you are a member of the group) to read the recent Senate Finance Tax Reform proposal and resulting media articles.

    Perhaps the US will wake up (although we realize this is still only a proposal, but a good start at further awareness).

    Or perhaps the US will continue its punitive citizenship-based taxation for which FATCA and other countries’ local *foreign financial institutions* and tax agencies, as arms of the IRS as legislated by extra-territorial US FATCA law, is the enabler.

    FATCA resulted from the HIRE Act legislation — that apt description for keeping US tax and accounting professionals in the business of *helping* US expats come into and stay in compliance — is not lost on us.

    If US-defined *US Citizens and US Persons* plan to return to the US to live, that is one thing. Quite another for those who do NOT plan to do so and get services for their taxes paid in countries in which they choose to live, work, pay taxes, raise their families, save for their retirements and want to be left alone so they can AGAIN get back to being contributing members of the societies.

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