Tag Archives: Mopsick

@Mopsicktaxlaw update on #OVDP with comments on #americansabroad http://t.co/UF2KxmFI1d – Crucial to understand your #FATCA + #FBAR facts

— U.S. Citizen Abroad (@USCitizenAbroad) July 27, 2013

This is a must read for anybody considering cleaning up past problems. Anybody who is still thinking of entering OVDP should think long and hard. This thoughtful post ends with:

While FATCA creeps toward the starting gate, there appears to be scant progress on two fronts sorely in need of attention: (1) the plight of Americans abroad whose local bank is no more a “foreign financial institution” to them than the corner McDonalds is an English fish and chips joint to us, and (2) the hapless recent immigrant who was never told in citizenship class that as American taxpayers, they now had to register their worldwide assets with Uncle Sam in addition to report the income. The collateral damage of these two unintended FATCA consequences, particularly the former, account for the bulk of the internet chatter on this example of the gross tax injustice FATCA on Americans abroad.

The problem seems to be that of the five to seven million estimated Americans living abroad, few seem to vote. Add that to a Congress which for all practical purposes is frozen in place with no effective direction and leadership and the result is a broad based sense of frustration and disdain. Unfortunately there appears to be little hope any time soon of any attention to this problem.

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