American Expatriates Anxiously Awaiting Developments in US Expat Taxes and Other Expat Issues

Recent Greenback survey results about American expat concerns over US expat taxes and the lack of fair US government representation are placing a lot of attention on what expats can expect in the administration’s next four years in office. FATCA and other US expat tax issues are top-of-mind for Americans living abroad.

Read the full press release, originally published on PR Web, below:

Recent Greenback survey results about American expat concerns over US taxes as well as their dissatisfaction with the lack of fair US government representation have placed much focus on what’s to come for US expats in the next four years. Issues related to dual taxation and better representation are just a few of the topics Americans living overseas want to see addressed. Now, with the re-election of President Obama, US expats are poised to follow closely his administration’s next steps.

“It’s an interesting time for Americans living abroad,” say Greenback Expat Tax Services President David McKeegan. “Like Americans living in the US, they too re-elected President Obama. Now, they’re closely watching what the administration will do for the next four years, particularly as it involves US expat taxes,” he said.

US expat taxes have been receiving a lot of attention recently, namely the Foreign Account Tax Compliance Act (FATCA). In a recent press release, the US Department of the Treasury discussed next steps in the development of FATCA and its engagement with more than 50 jurisdictions. Enacted by Congress in 2010, FATCA seeks to support compliance among US taxpayers using foreign bank accounts. When enforced, it will require foreign financial institutions to report on the holdings of US taxpayers to the IRS or face penalties.

“These are precisely the types of issues that are top-of-mind for our customers,” said Mr. McKeegan. “FATCA wasn’t designed with the average American expat tax return in mind. However, they need to comply nonetheless,” he added.

Earlier this year, a bill was introduced to create a Federal commission to study the impact of government policies upon Americans living overseas. The legislation would create a 15-member bipartisan Executive Commission to study the impact of U.S. laws and Executive actions on Americans living abroad.

An estimated six million American expatriates currently live overseas. “US expats represent a large and important group,” said Mr. McKeegan. “We’re committed to monitoring the most current and important developments that impact our customers. It’s critical they receive the necessary information to make informed decisions about their US expat taxes.”