Set-backs be danged. This is not over, in fact, we are closer than ever to ending FATCA (Foreign Account Tax Compliance Act) and the global tax reporting nightmare for US persons living overseas.
In this video, tax attorney Anthony Parent leads a discussion of the repeal of FATCA, the impacts of IRC Sec 965 "transition tax" & the hoped for Territorial Taxation for Individuals (TTFI).
The US Supreme Court refused to hear the merits of the "Rand Paul" FATCA case (aka Mark Crawford et. al. v Commissioner), yet the repeal FATCA team is not done, not by a long shot.
A new plaintiff is being sought — one who has been assessed an FBAR penalty or Form 8938 penalty and lives in the 8th District court of appeals: Arkansas, Iowa, Minnesota, Missouri, Nebraska, North Dakota & South Dakota.
Additionally, a legislative remedy is still being sought to repeal or otherwise make FATCA superfluous. The transition tax, which was part of tax reform, was a bit of a mistake — and it appears as if the Republicans who voted for tax reform recognize this. This mistake is being used as a lever to open up Congress' eyes to the disastrous consequences of Citizenship Based Taxation. And in the words of one of our guests, John Richardson, Esq. of Citizenship Solutions (www.citizenshipsolutions.ca), the biggest victim of FATCA and global taxation is the overworked IRS itself.
Also joining is Solomon Yue, of Republicans Overseas (https://republicansoverseas.com), one of the men responsible for getting a repeal FATCA plank inserted into the Republican national platform, and Kathleen Mistry of AARO (Association of Americans Resident Overseas) (www.aaro.org) and Mistry Enterprises LLC. Kathleen is the stateside representative of AARO and with her business she works to help bring international businesses together and has seen first-hand the damage of FATCA and universal tax jurisdiction of the IRS has done to the US economy.
Lastly, our very familiar guest, Keith Redmond, a tireless advocate for all US persons living overseas. Those who know themselves to be US persons, and also those Accidental Americans who were born in the US, are subject to US taxing jurisdiction, but do not identify and have little connection with the US, aside from being born stateside.
For those interested in helping us repeal FATCA and work to a fairer tax system, we invite you to contact your Representative and Senators and let them know the damage that is being caused. Visit www.aaro.org to determine who your representative is if you live overseas. Also, feel free to join Keith Redmond's American Expatriates 2.0 Facebook to get connected with like-minded individuals who want to see this taxation nightmare end. (https://www.facebook.com/groups/AmericanExpatriates)
Be sure to follow Grover Norquist of Americans for Tax Reform (https://www.atr.org) who is also helping to lead this effort.