IRS unveils FATCA Model 2 IGA reporting deadline extensions for financial institutions

Days after the IRS announced it was pushing back "Tax Day" for Homeland Americans to July 15, from its long-established date of April 15, to accommodate issues resulting from the current coronavirus pandemic, the U.S. tax collecting agency today began to address at least one of the major deadline concerns of those who have non-U.S.-resident American accounts to report: specifically, certain deadlines that have to do with FATCA (Foreign Account Tax Compliance Act). 

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Dutch finance minister confirms banks don't need American clients' TINs for now, but questions remain

Dutch finance minister Johannes "Hans" Vijlbrief has responded to more than 20 questions posed to him by three Dutch lawmakers last month, on behalf of so-called "accidental Americans" resident in the Netherlands who have been struggling to maintain their Dutch bank accounts, by insisting that it would be "premature for banks to close, block or freeze" the bank accounts of such dual Dutch/American clients now, just because these clients had failed to provide these Dutch banks with a U.S. "Tax Information Number (typically a Social Security number). 

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FATCA turns 10

Ten years ago today, in the Rose Garden of the White House, President Obama signed the Foreign Account Tax Compliance Act into law.  But surprising as it might now seem to some, the fact went virtually unnoticed by the world's media, as the legislation was buried deep inside a domestic jobs bill known as The HIRE Act, and wasn't even mentioned in the press materials, which focused instead on what the HIRE Act would mean for U.S. workers.

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OPINION: FATCA at 10: Teenager-in-waiting

FATCA at 10 shares certain characteristics with a human 10-year-old, according to Ross McGill, one of the most knowledgeable experts on the controversial U.S. tax compliance law that was signed into law ten years ago today. Here, McGill, the founder and chairman of Hampshire, England-based tax and regulatory specialists TConsult, and author of ten books on regulatory compliance, technology management, anti-tax evasion frameworks and withholding tax, considers the rather unpopular ten-year-old who was born a decade ago today in a rose garden, somewhere in Washington, DC.... 

Accidental Americans' Lehagre to Mike Pompeo: 'Reduce exorbitant U.S. expatriation fee'

Fabien Lehagre, the U.S.-born and France-resident president and founder of the Paris-based Accidental Americans Association, has called on U.S. Secretary of State Mike Pompeo to "drastically...reduce the costs associated with the renunciation procedure", in order that so-called accidental Americans could give up their U.S. citizenship if they wished to.

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Opinion

Opinion: Give trapped Americans abroad a break this tax season

Opinion: Give trapped Americans abroad a break this tax season

The spread of the deadly COVID-19 pandemic is wreaking havoc on most Americans’ finances, prompting the federal government to delay 2019 tax filing and payment due dates to July 15.  Here, Ross...

Mar-28-2020