Supreme Court ruling on data transfer from UK to U.S. seen to boost UK FATCA legal challenge

A ruling last week by the UK's Supreme Court, in favor of a plaintiff who claimed that data protection laws had been broken in the transfer of her son's personal data to U.S. authorities, is being seen as potentially precedent-setting, as it is said to be the first such case involving questions about the legal transfer of personal data from Britain to the United States since the introduction of the GDPR across Europe in 2018.

  • News

IRS unveils FATCA Model 2 IGA reporting deadline extensions for financial institutions

Days after the IRS announced it was pushing back "Tax Day" for Homeland Americans to July 15, from its long-established date of April 15, to accommodate issues resulting from the current coronavirus pandemic, the U.S. tax collecting agency today began to address at least one of the major deadline concerns of those who have non-U.S.-resident American accounts to report: specifically, certain deadlines that have to do with FATCA (Foreign Account Tax Compliance Act). 

  • News

Dutch finance minister confirms banks don't need American clients' TINs for now, but questions remain

Dutch finance minister Johannes "Hans" Vijlbrief has responded to more than 20 questions posed to him by three Dutch lawmakers last month, on behalf of so-called "accidental Americans" resident in the Netherlands who have been struggling to maintain their Dutch bank accounts, by insisting that it would be "premature for banks to close, block or freeze" the bank accounts of such dual Dutch/American clients now, just because these clients had failed to provide these Dutch banks with a U.S. "Tax Information Number (typically a Social Security number). 

  • News

U.S. Treasury belatedly reveals 'regulatory reform' talks with EU

The U.S. Treasury this week revealed that it had met last Tuesday and Wednesday in Washington with representatives from a number of EU organizations, including the European Commission, European Banking Authority and the European Securities and Markets Authority, "to exchange views on financial regulatory developments". It said the meetings had taken place as part of ongoing regulatory discussions between the Treasury and the EU entities.

  • Tax

Questions continue to be asked, as U.S. list of Q4 renunciants contains fewer than 300 names

Once again, the number of individuals whose names appeared on the latest U.S. government "Quarterly Publication of Individuals, Who Have Chosen to Expatriate" is being questioned for seeming to contain far fewer names than it should – and in particular, for still not containing the names of certain individuals whose Certificates of Loss of Nationality (CLNs) were issued more than a year ago.

  • News

FATCA pushback erupts for first time in Middle East

The frustration and anger that American expats living mainly in Canada and certain countries in Europe have been expressing ever since the Foreign Account Tax Compliance Act was signed into law in 2010 is emerging for the first time in the Middle East, an article published today by one of the region's better-known media organizations has revealed. 

  • News

FATCA at Ten: March 18, 2020

On March 18, 2010, President Obama signed the Foreign Account Tax Compliance Act into law.  Surprising as it might now seem to some, the fact went virtually unnoticed by the world's media, as the legislation was buried deep inside a domestic jobs bill known as The HIRE Act.

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Opinion

Opinion: Give trapped Americans abroad a break this tax season

Opinion: Give trapped Americans abroad a break this tax season

The spread of the deadly COVID-19 pandemic is wreaking havoc on most Americans’ finances, prompting the federal government to delay 2019 tax filing and payment due dates to July 15.  Here, Ross...

Mar-28-2020