Expats, Foreign Investors Await Changes to the Foreign Accounts Tax Compliance Act (FATCA)
- The Knowledge Group
- 0 Comments
FATCA, or the Foreign Account Tax Compliance Act, was passed by under the Obama administration, as part of the broader HIRE Act of 2010. It requires Foreign Financial Institutions (FFIs) to inform the IRS that U.S. account holders are banking with them, and recruits the FFIs to withhold these clients’ taxes for the IRS. FATCA has met criticism as a unilateral imposition of U.S. tax collection on other sovereign nations without consideration of their own privacy laws and obligations to their customers.
Will the Trump Administration Change the Playing Field?
The Republicans Overseas group has used its donor pressure to call for relieving U.S. expats of the requirement to pay taxes where they live and at the same time to the IRS. The U.S. Chamber of Commerce has lobbied to put individuals’ foreign income off-limits to the IRS, in the interest of protecting the income of U.S. export firms’ managers at overseas sites.
Mark Mazur, former top tax official in the Obama’s administration’s Treasury department, is on record as supporting a move to relieve expats from the burden of simultaneous income tax obligations to two governments.
Whether your field is law, senior management, finance, tax, or accountancy, learn what your and your firm should know and do now—and anticipate in light of the pressure on FATCA. Join us this Friday, November 10, for an educational lunchtime webcast.
New Procedures for Individuals and Businesses in Trustee Roles
New FFI Agreement procedures impact diligence and reporting requirements for trustees of foreign trusts, too. Penalties are significant. It is critical for anyone in an advisory role to reexamine the rules and be able to guide clients accordingly.
Continuing Professional Education comes to your own office through our online panel discussion. Learn the latest, as well as best practices, from experts on trusts, estates, and taxation as they examine developments in FATCA regulations with The Knowledge Group.
Explore not only tax and compliance risks and pitfalls, and implications to U.S. taxpayers, but also learn about recent trends, news, and high-profile cases involving the Foreign Account Tax Compliance Act and action from the Trump administration.
Registration is now open and 1 credit hour is available at $49.