Bank secrecy “obsolete”!
On October 29, 51 countries signed the Multilateral Competent Authority Agreement, signaling their intent to "build a collective exchange of bank accounts, taxes, assets, and income held outside local tax jurisdictions.” Among other things, the Agreement extends to corporations the kind of mandatory banking transparency called for under FATCA.
For the OECD announcement and a list of the...
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Click here to read the report back from the recent FAWCO Tax Info Webinar.
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It’s the talk of the town: whether the stories concern people losing access to financial services because of FATCA, scrambling to meet obligations they sometimes didn’t even know about, deciding how best to comply with those obligations without infuriating spouses or business partners, feeling adrift in a sea of incomprehensible instructions or frustrated that the mere fact of living abroad...
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Recognizing, as announced on June 3, that there is a large population of Americans residing abroad who have been afraid to become “compliant” and honor mandatory tax and financial asset reporting requirements imposed by the US Internal Revenue Service, the IRS announced on June 18 “major changes in its offshore voluntary compliance programs, providing new options to help (…) taxpayers...
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In remarks before the U.S. Council for International Business-OECD International Tax Conference on June 3, IRS Commissioner John Koskinen recognized that the “voluntary disclosure” programs designed to punish tax fraud may have been “too focused on those willfully evading their tax obligations (and) not accommodating enough to others who don’t necessarily need protection from criminal prosecution because their compliance failures...
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FAWCO's partner organization AARO (Association of Americans Resident Overseas) is launching a survey of the overseas Americans community concerning the “denial of financial services” to US citizens and greencard holders.
There is no need today to describe the precarious situation in which many “US tax persons” find themselves because financial services are being denied both in the United States (though “Patriot...