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US expats concerned about dual taxation and fair representation
| Published: | 28 Nov at 6 PM |
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US citizens living abroad are expressing their concerns about the quality of expat representation in Congress and the sticky problem of dual taxation.
The recently published Greenback Survey suggests that US expats are living in interesting times, especially over the next four years. Most are keeping a close eye on what the administration may be planning, especially as regards taxation issues.
Taxation matters concerning expats have been the focus of much attention since the Foreign Account Tax Compliance Act (FATCA) was initiated. A recent statement by the IRS has raised the stakes, as it states that foreign financial institution such as banks will be obliged by US law to report US expat holdings to the IRS.
According to Greenback Expat Tax Services head, David McKeegan, the issue is at the top of the list for expats, as FATCA wasn’t drawn up with expat taxation in mind. Recently, a bill was introduced into Congress aimed at creating a Federal commission to look into the effects of governmental policies on US citizens domiciled overseas.
A bipartisan 15-member commission was suggested, to be charged with investigating the impact of newly introduced laws on Americans living abroad. At the present time, at least six million US expats are scattered across the world, with McKeegan stating they are an important group.
He added that it’s essential that detailed and correct information should be available to those who need it, in order to assist them in dealing with changes in US tax laws. It remains to be seen whether the House of Representatives and Congress agree that US expats are a large enough group to be considered as part of new taxation rulings.
The recently published Greenback Survey suggests that US expats are living in interesting times, especially over the next four years. Most are keeping a close eye on what the administration may be planning, especially as regards taxation issues.
Taxation matters concerning expats have been the focus of much attention since the Foreign Account Tax Compliance Act (FATCA) was initiated. A recent statement by the IRS has raised the stakes, as it states that foreign financial institution such as banks will be obliged by US law to report US expat holdings to the IRS.
According to Greenback Expat Tax Services head, David McKeegan, the issue is at the top of the list for expats, as FATCA wasn’t drawn up with expat taxation in mind. Recently, a bill was introduced into Congress aimed at creating a Federal commission to look into the effects of governmental policies on US citizens domiciled overseas.
A bipartisan 15-member commission was suggested, to be charged with investigating the impact of newly introduced laws on Americans living abroad. At the present time, at least six million US expats are scattered across the world, with McKeegan stating they are an important group.
He added that it’s essential that detailed and correct information should be available to those who need it, in order to assist them in dealing with changes in US tax laws. It remains to be seen whether the House of Representatives and Congress agree that US expats are a large enough group to be considered as part of new taxation rulings.
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