American Citizens Abroad (ACA) is a non-profit organization dedicated to helping and providing a voice for Americans living overseas. ACA has been representing overseas Americans’ interests before the U.S. government for over 35 years, and holds strong positions on various issues including citizenship, taxation, Medicare, Social security and more.
Of particular (and timely) importance is taxation, as ACA is currenty proposing several changes to U.S. tax laws.
One of those tax laws is the new Foreign Account Tax Compliance Act (FATCA). ACA states that FATCA will have a devastating impact on impact “on the U.S. economy, U.S. financial markets, American businesses operating abroad and American citizens who work and reside overseas.”
FATCA requires foreign businesses to identify any Americans with foreign accounts and turn over information about their accounts to the IRS. Any American who does not file an account at thresholds beginning at $50,000 will be fined.
ACA is asking for the repeal of FATCA, stating that members of Congress are unaware of the negative consequences the act will have. One of the biggest implications is the fact the the bill is quite simply, a large legislative overreach of the U.S. government. ACA states that local entities that comply with FATCA often violate local law.
US Immigration Attorney in Thailand
Chaninat & Leeds attorneys offer US family-based immigration visas with a focus on the K1 fiancée visa and K3 marriage visa for Thai nationals.
“Much more significant than the cost and time burden, FATCA creates a direct financial and legal threat to all foreign financial institutions,” ACA notes on their website. “For this reason many institutions will not enter into agreement with the IRS and will stop all banking relationships with the United States.”
ACA encourages citizens to join them in their effort to repeal FATCA by writing local Congressmen. If you’re interested in joining the cause, visit the FATCA page on ACA’s website.
Related articles: FACTA: Where Does Thailand Stand?
US Expats Frustrated with Taxes, Giving Up Citizenship
Related texts: US Taxes and Tax Law: An Expat’s Bane?
The Income Tax Treaty Between the US and Thailand
Related blog posts: A Little Known US Law Packing a Huge Punch: The US Hire Act and How It Affects US Expat Taxes
{ 0 comments… add one now }