Keeping you up to date
Laura Snyder provides insight to Americans who believe that they can easily move abroad and the distressing life that the US Government has in store for those who do move abroad. This is one of the best descriptions of the US Government’s impact on an expat’s life. Must read.
Republicans Overseas (RO) has launched an initiative to gain support for Territorial Taxation for Individuals.
Territorial Taxation for Corporations was passed under the Tax Cuts and Jobs Act of 2017 (‘TCJA’). However, individuals were not included in that legislation.
We certainly support the effort of RO to address our taxation issues and would highly recommend that you sign the petition. However, we are still awaiting a bill for us to see. once we see the legislation, we will be able to critique the legislation. Until then, only having a title of the Bill makes it difficult for us to blindly recommend the Bill.
ADCT has begun to document actual Financial Service rejections that Americans abroad receive. These actions close out US Tax persons from basic financial services. These financial institutions close us out as a direct result of FATCA legislation.
Patricia Moon at the Isaac Brock Society is looking for stories of people who have faced Reunification of US citizenship. We are expecting the State Dept. numbers for the 4th Quarter and they should be very high. When that happens, we actually get a little press. Having true stories of people who have faced this hard decision are very valuable.
Investing with One Hand Tied Behind Your Back – An Australian Perspective on United States Tax Rules for Non-Resident Citizens
This is an excellent overview, by Karen Alpert, depicting the harmful impact of Citizen-Based Taxation on US Tax persons in Australia (and beyond). Karen is from the University of Queensland – Business School; Financial Research Network (FIRN), and runs the Fix the Tax Treaty website and Facebook page.
“The good thing about this is that it really highlights that the taxation of Americans overseas is just not right”