# Democrats Abroad on FATCA and FBAR



## iota2014 (Jul 30, 2015)

The DA "FBAR/FATCA Task Force" (which as far as I know is not a force and has no task) has posted some comments on the DA website at FBAR/FATCA Task Force Report - Democrats Abroad

From the FATCA bit:


> The House Ways & Means Committee has scheduled a hearing on FATCA on April 26th. The witness list includes one Democrat (we don’t know who yet) but the rest are Republicans, including some of the appellants in the FATCA lawsuit (more below) and ...[lawyer James Bopp]. We are working through Congresswoman Maloney’s office to get onto the witness list.
> 
> The FATCA Lawsuit (challenging the constitutionality of the law) is in the appeals court. Oral arguments were heard in late January. No further proceedings or rulings have been published since then. The appellants’ proceedings include no further arguments than those included in the original filings. The success of the appeal does not appear to be any better than the original suit.
> [..]
> ...


Also comments on the most recent American Citizens Abroad proposal for Residence Based Taxation.

From the FBAR bit:


> As you may know, Americans with accounts in foreign financial institutions with a total balance across all accounts at any point during the year of $US10,000 or more need to file a FBAR (Foreign Bank and Financial Accounts Report) Form 114.
> [..]
> The form is filed with Treasury, rather than the IRS, with FinCen - the Financial Crimes Enforcement Network. (*To say that it disturbs Americans abroad that we need to make this voluntary disclosure to the section of the US Treasury set up to investigate and apprehend perpetrators of financial crimes would be the understatement of the decade.*...)
> 
> ...


(Actually, as far as I can see the IRS has only a limited ability to collect penalties anywhere beyond the US borders.)


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## iota2014 (Jul 30, 2015)

The EU delegation, mentioned above, has made its visit and published its report:



> *EU-US trade and investment relations
> Effects on tax evasion, money laundering and tax transparency
> 
> Executive summary*
> ...


http://www.europarl.europa.eu/RegData/etudes/IDAN/2017/598602/EPRS_IDA(2017)598602_EN.pdf


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## iota2014 (Jul 30, 2015)

Comments on the EU report:

*"US Emerging as Major Tax Haven, EU Report Says"*
https://www.law360.com/articles/899611/us-emerging-as-major-tax-haven-eu-report-says


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