Questions being asked, after info request revelations of Canadian FATCA transfer data

American expats and spokespeople for organizations representing them have been asking questions about the scale of U.S. expat data being forwarded to the U.S. under the Foreign Account Tax Compliance Act, after the latest Canadian Revenue Agency (CRA) report of such data revealed that around two thirds of the accounts sent actually fell below the US$50,000 FATCA reporting minimum threshold

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March 18, 2021: FATCA turns 11

Eleven years ago today, in the Rose Garden of the White House, President Obama signed the Foreign Account Tax Compliance Act into law – buried inside a domestic jobs bill known as the HIRE Act.

There's not much to say about FATCA that we and others didn't last year, when we marked the anti-tax evasion law's 10-year anniversary, as not a lot has changed about it since then.

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How well do you know your FATCA?

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 we thought it might be fun, for a change, to mark the occasion of FATCA's coming into force eleven years ago today by compiling a list of eleven impossible-to-resist questions about it, in order to test just how well we've all been paying attention!
See below...

AARO survey: FATCA, taxes and banking are top expat concerns

A survey of more than 400 U.S. expats has found that FATCA, banking/investment and retirement account issues, and issues having to do with tax generally are their top three concerns.

But perhaps surprisingly, "lack of representation in Congress" came in a strong contender in fourth place, and in total, 93% of those surveyed said they "do not feel they are fairly represented in Congress," according to the Association of Americans Resident Overseas, which carried out the research last October and November.

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U.S. agrees to discuss FATCA-related issues with EU

In what some campaigners for fairer treatment of EU/American dual nationals, particularly 'accidental Americans,' today hailed as a significant development, U.S. Treasury officials are reported to have agreed to meet with their EU counterparts to discuss FATCA-related issues, including those that these dual nationals are struggling with. 

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Opinion

SEAT reminder: 'April 7 is deadline for you to tell Senate Finance C'ttee how well U.S. int'l tax regime works for you'

SEAT reminder: 'April 7 is deadline for you to tell Senate Finance C'ttee how well U.S. int'l tax regime works for you'

As we reported here last week, the U.S. Senate Finance Committee held a hearing last month on “How U.S. International Tax Policy Impacts American Workers, Jobs, and Investment." Many in...

Apr-06-2021