Dems Abroad, to House subcommittee hearing: 'substantial adjustments needed' to FBAR regs

In what might be seen as a timely move on the part of the Democrats Abroad, given the extent to which FBARs have been in the news this past week, the organization submitted a seven-page document to the House Financial Services Subcommittee on Oversight and Investigations ahead of hearings scheduled for this past Wednesday (March 8), in which it urged House lawmakers to make "needed" and "substantial adjustments to FinCEN Form 114, the Report of Foreign Bank and Financial Accounts or 'FBAR'." 

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FBAR Timeline: 'How we got here'

Back in the 1960s, before Richard Nixon became U.S. president (in 1969), few "ordinary" Americans who lived abroad gave much, if any, thought to filing U.S. tax returns, let alone Foreign Bank Account Reports. Nor did the U.S. government seem much interested in finding out whether such expats might have overseas bank accounts, unless these expats were known to be wealthy.

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Latest Greenback Tax survey finds more U.S. expats considering renouncing their citizenships, as tax filing frustrations remain unaddressed

Around 26% of some 3,200 American expats living in 121 countries around the world say they are either definitely "planning to renounce" their U.S. citizenships or are "seriously considering" doing so – with most citing the tax issues they, as U.S. expats, are obliged to deal with as the reason, according to  summary of the findings of Greenback Expat Tax Services' latest annual survey.

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Reminder: FinCEN deadline for comments on AML/CFT regulations (including FBARs) approaching

The deadline by when the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) needs to receive public comments as to how it might best "streamline, modernize, and update" the United States' existing anti-money laundering and countering financing of terrorism (AML/CFT) regime is fast approaching, advocates of a change in these regulations have told the American Expat Financial News Journal. 

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Opinion

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

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