After more than eight years of lobbying Congress and the White House, opponents of the 2010 Foreign Account Tax Compliance Act are cautiously welcoming news that the Internal Revenue Service has issued a proposal to make major changes in that legislation and certain other reporting requirements that have made life difficult for Americans living outside of the U.S.
President Donald Trump didn’t show up to an event held yesterday on the Île aux Cygnes (Isle of Swans) in Paris, to which he had been invited – but then, he didn’t make it to a scheduled wreath-laying ceremony to honor French and American World War I dead at a French cemetery the day before, either.
United States prosecutors registered their first-ever successful prosecution under the Foreign Account Tax Compliance Act, after the former chief executive and chief business officer of a St Vincent and the Grenadines-based bank pleaded guilty to "conspiring to defraud the United States by failing to comply" with the legislation.
The efforts by Fabien Lehagre’s Association des Américains Accidentels and other Europe-based groups of accidental Americans to seek the assistance of their local governments in their battle against the U.S.’s extraterritorial tax claims on them are the latest in a number of similar campaigns in recent years by other similar unwilling holders of U.S. citizenship.
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
