FBAR/FATCA Task Force meeting with regulators yields valuable feedback
During the 2014 Democrats Abroad Congressional door knock, the FBAR/FATCA Task Force scheduled a comprehensive slate of meetings with regulators and legislators in order to advance our recommended reforms to the law’s implementation rules. Meetings included the following groups: Congress’ Joint Committee on Taxation; the Senate Committee on Finance; the IRS; the IRS’s National Taxpayer Advocate; the Department of Treasury; the General Accountability Office; and myriad Congressmen including Senators sitting on the Senate Finance Committee Carl Levin, Bob Casey, Bill Nelson, Bob Menendez and Ben Cardin and ranking Democrats on the House Ways & Means Committee Sandy Levin and Charlie Rangel.Read more
Democrats Abroad Position on FATCA
Democrats Abroad supports strong policy that discourages and apprehends tax cheats.
Congress passed FATCA to bring an end to illegal tax avoidance by Americans in the US who use overseas financial accounts to secret untaxed earnings out of the country.
But Congress did not fully anticipate the impact the regulations would have on overseas Americans and we, therefore, are now burdened with a tax reporting obligation that treats us like suspected tax cheats and money launderers.
Fortunately for overseas Americans, we can address the unintended adverse consequences of this important piece of anti-tax evasion legislation by reforming the regulations that implement it.