IRS to non-U.S. banks: 'You don't need to close accounts of Americans whose TINs you don't have after all'

Under pressure from European banks in particular, the U.S. Internal Revenue Service has issued clarification with respect to a FATCA requirement that "foreign financial institutions" be obliged to provide the so-called Tax Information Numbers of their American clients from January, 2020 onward, which tax experts say means that banks now won't have to close the accounts of their TIN-lacking "accidental American" clients at the end of this year.

  • Tax

Dutch tax minister: U.S. won't take immediate action against banks over FATCA info shortcomings

Dutch tax minister Menno Snel has said that his country's banks and financial institutions should not feel a need to panic over those of their so-called "accidental American" account-holders who lack U.S. Social Security numbers and other key data soon to be required by the U.S. tax authorities, as he has been assured that any repercussions for failing to comply with the regulations in question could be delayed by as long as several years.

  • Tax

Lawsuit in UK to challenge legality of British gov't's data-sharing under FATCA

An American who came to the UK 19 years ago, and who was stunned to receive a letter from her bank in 2016 informing her of her U.S. tax obligations and that her account data would be shared with the Internal Revenue Service – as required by the U.S. Foreign Account Tax Compliance Act – has retained London's Mishcon de Reya law firm to legally challenge what she claims is the mis-use of her personal data and a violation of her privacy. 

  • Tax

U.S. government report acknowledges problems with FATCA reporting

A U.S. Government Accountability Office report released today reveals a range of issues with the 2010 law known as the Foreign Account Tax Compliance Act, which it noted also contributed to a "nearly 178%" increase in the rate of citizenship renunciations between 2011 and 2016.

  • News

UK turns down U.S.-born Brit's FATCA FOI request, after Canada, Oz obliged their citizens

UK officials have twice turned down a Freedom of Information request filed by a U.S. born British citizen who was interested in knowing the “extent of…the annual disclosure of British taxpayer information to the US Internal Revenue Service, as per FATCA’s requirements" – even though similar requests to the Canadian and Australian governments were recently granted, The American Expat Financial News Journal has learned.

  • Tax
Subscribe to this RSS feed

Opinion

AARO: Response to Senate Finance Committee, on 'How U.S. international tax policy impacts American workers, jobs and investment'

AARO: Response to Senate Finance Committee, on 'How U.S. international tax policy impacts American workers, jobs and investment'

On April 7, 2021, the Association of Americans Resident Overseas submitted its comments to the Senate Finance Committee, in response to the committee's review of U.S. international tax policy, and...

Apr-29-2021