IRS to non-U.S. banks: 'You don't need to close accounts of Americans whose TINs you don't have after all'

Under pressure from European banks in particular, the U.S. Internal Revenue Service has issued clarification with respect to a FATCA requirement that "foreign financial institutions" be obliged to provide the so-called Tax Information Numbers of their American clients from January, 2020 onward, which tax experts say means that banks now won't have to close the accounts of their TIN-lacking "accidental American" clients at the end of this year.

  • Tax

Dems Abroad: Americans Abroad Caucus co-chair Maloney planning to re-introduce two expat-friendly bills

New York Representative Carolyn Maloney, a Democrat who is co-chair of a Congressional group known as the Americans Abroad Caucus, is planning to re-introduce two bills of interest to Americans abroad, one of which calls for the creation of a "standing commission" that would review all laws that are currently having an adverse impact on Americans resident abroad, and also work to prevent new laws from being enacted that inadvertently harm non-resident Americans.

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Opinion

INSIGHT: First it was FATCA, now MiFID II has U.S. investors in Europe facing nightmares

INSIGHT: First it was FATCA, now MiFID II has U.S. investors in Europe facing nightmares

First, U.S. investors living in Europe had to face FATCA. Now it’s the EU’s Markets in Financial Instruments Directive (MiFID II).  Here, Jonathan Lachowitz, of Lexington, Massachusetts-based White Lighthouse Investment Management...

Nov-20-2019