A major report detailing what are said to be the compliance shortcomings of the Foreign Account Tax Compliance Act, just made public within the past 24 hours by the U.S. Treasury Inspector General for Tax Administration, has sparked interest and concern among FATCA-watchers around the world, including American expatriates and the tax experts, lawyers and political advocates who represent them.
In a rare live webinar interview with a financial media representative, IRS Commissioner Charles Rettig is set to discuss "the current state of the IRS" this afternoon at 2pm EDT (7pm British time, 8pm CEST) with Tax Analysts president and chief executive Cara Griffith.
A long-awaited appellate court hearing in a years-long challenge of Canada's Foreign Account Tax Compliance Act-implementation legislation is set to get underway today, in a hearing room in Canada's Federal Court of Appeal in Vancouver, British Columbia.
To the surprise of many businesses and observers across Europe, few of whom had seen it coming, U.S. and European Union officials said today that they had reached a preliminary agreement on a new data privacy deal, to replace the long-standing agreement that had been declared illegal in July, 2020 by the EU Court of Justice.
News that a French bank has been ordered to pay damages to a Canadian client whom it had erroneously thought to be American, and whose details it had thus transferred to the U.S. under FATCA, is being seen by some in the American expat community as yet another reason that banks and other financial services businesses may become even more wary of accepting American expats as clients going forward.
... but says greater resources needed 'to follow cross-border money flows'
American expats who tuned in last to last week's House Ways and Means Oversight Subcommittee hearing, in the hope of hearing IRS Commissioner Charles Rettig say something encouraging about plans to address their long-standing tax and FATCA-related issues, would have been disappointed, if not exactly surprised.
Without really meaning to, many American expatriates as well as tax industry experts, lawyers and others have become experts on the subject of FATCA over the past decade-plus that it's been around.
So, as we did last year on this date, we thought it might be interesting to mark the occasion of FATCA's coming into force by compiling a list of twelve impossible-to-resist questions about it, in order to test just how well we've all been paying attention! (Spoiler alert: Most of these are from last year, although some of the answers may have changed, and a few are new...) See below...
Accidental Americans who live in the Netherlands have been told that banks in the country have agreed not to require either their Social Security numbers or Certificate of Loss of Nationality in order to keep their accounts open until Sept. 1, 2022.
The news came last month, while Dutch finance minister Wopke Hoekstra last week revealed that he and his fellow ministers are continuing to press their U.S. counterparts over the way they require Dutch financial businesses to enforce the U.S. tax evasion prevention law known as FATCA.
The U.S., which "pressed the rest of the world" to crack down on the type of financial secrecy that enables tax evasion and cross-border illegality, is now "a hypocrite on international financial crime," Bloomberg, the major global media organization based in New York, has said, in an Editorial Board opinion piece it published on Friday.
The latest Tweede Kamer hearing in the Netherlands, on the fraught subject of the U.S. tax evasion-prevention law known as FATCA, revealed that progress for those dual U.S./Dutch citizens affected by it continues to elude Dutch lawmakers, according to a number of "accidental Americans" and others who viewed the two-hour-long session online.
In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...
Mar-18-2023
