Nat'l Taxpayer Advocate, in annual report: 'Harmonize reporting requirements for taxpayers subject to both FBARs and FATCA'

The IRS needs to change its regulations with respect to American taxpayers' obligations to report on their overseas account holdings by "eliminating duplication" of the FBAR and FATCA reporting requirements, as well as by "excluding accounts maintained by U.S. persons in countries where they are bona fide residents," National Taxpayer Advocate Erin M. Collins has told Congress, in her annual report.

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National Taxpayer Advocate Collins, to Congress: 'Harmonize FBAR and FATCA reporting requirements'

Erin M. Collins, who was named last March to succeed Nina E. Olson as National Taxpayer Advocate (NTA)  at the U.S. Treasury, forcefully called this week for the harmonization of FBAR and FATCA reporting requirements for overseas taxpayers – which she noted the IRS had failed to do until now, in spite of previous NTA recommendations, as well as those of such other stakeholders as the Government Accountability Office – in her first annual report to Congress.

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Acting National Taxpayer Advocate calls for IRS 'culture shift' as annual report released

In her 2019 Annual Report to Congress, acting National Taxpayer Advocate Bridget Roberts said the U.S. IRS needed to significantly raise its game with respect to the way it carries out its role as the nation's tax collecting agency.

But to "truly transform the organization" – which, she noted in a  five-page preface to this year's NTA report, Congress effectively called on it to do last year when it passed the so-called Taxpayer First Act – the IRS "needs to rethink the way it operates", starting with "a culture shift".

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National Taxpayer Advocate Nina Olson to retire

Nina Olson, who has spoken out forcefully on behalf of American expatriates a number of  times in recent years during her tenure as the IRS's National Taxpayer Advocate, has announced that she will be retiring at the end of July.

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Essential Financial Acronyms for Americans Living Abroad

Essential Financial Acronyms for Americans Living Abroad

The American Expat Financial News Journal’s “Essential Financial Acronyms for Americans Living Abroad” is designed to help our fellow Yanks in Expatland to navigate the international seas of the financial...