Provide for reciprocal reporting of information in connection with the implementation of the Foreign Account Tax Compliance Act (FATCA).—
In many cases, foreign law would prevent foreign financial institutions from complying with the FATCA provisions of the Hiring Incentives to Restore Employment Act of 2010 by reporting to the IRS information about U.S. accounts.
Such legal impediments can be addressed through intergovernmental agreements under which the foreign government agrees to provide the information required by FATCA to the IRS. Requiring U.S. financial institutions to report similar information to the IRS with respect to nonresident accounts would facilitate such intergovernmental cooperation by enabling the IRS to reciprocate in appropriate circumstances by exchanging similar information with cooperative foreign governments to support their efforts to address tax evasion by their residents. The proposal would provide the Secretary of the Treasury with authority to prescribe regulations that would require reporting of information with respect to nonresident alien individuals, entities that are not U.S. persons, and certain U.S. entities held in substantial part by non-U.S. owners, including information regarding account balances and payments made with respect to accounts held by such persons and entities.
This was found buried on page 202 of the Analytical perspectives of the President’s budget.
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/spec.pdf
Additionally this request was NOT found in the Treasury Green Book where normally requests of this nature are made.
I just came across an article in the Financial Times (http://www.ft.com/intl/cms/s/0/095afdca-a90a-11e2-a096-00144feabdc0.html#axzz2QzSE6GmC) that indicates that the EU is stumbling all over itself to get on the FATCA bandwagon. I fear this puts paid to the idea that any countries within the EU would be inclined to reject the US FATCA compliance requirements in so far as they are so eager to implement their own similar EU version of FATCA.
@kcnileg…
As I have been saying for a long time. FATCA is the “tip of the Spear” of this global War on Offshore Tax Evasion to create a GATCA of automatic tax exchange of information.
At least the Financial times gets the connection to FATCA on this effort, that is more than I can say about Reuters and their coverage of the Bankers association lawsuit against Treasury reporting regulations. They don’t even mention FATCA, and all I can do is make a comment and help them see the bigger picture…
http://reut.rs/11ORnse
@notamused…
Yup, have been watching this DATCA story develop for a long time. Just search for DATCA in the archives, and you will find the references to it. Cheers
I’ve been receiving emails from Congresspersons from my current registered state and previous about the budget. I had wondered why as it is not an everyday occurrence.
Perhaps this helps explain why—it appears that Congress does not get paid if they don’t pass a budget?
http://www.govtrack.us/congress/bills/113/hr325#summary/libraryofcongress
Requires the appropriate payroll administrator of each house of Congress to deposit in an escrow account all mandatory payments for compensation of Members of Congress serving in that house if by April 15, 2013, that house has not agreed to a concurrent budget resolution for FY2014. Requires release to those Members of such payments after April 16, 2013, only upon the earlier of:
(1) the day on which that house agrees to a concurrent budget resolution for FY2014, or
(2) the last day of the 113th Congress
I have written mine regarding page 202 of Obama’s budget. If Obamas is used as the baseline, reciprocity becomes more real, hence IGA’s will become more likely.
Sent this one to Rubio. Feel free to copy-paste to any Congressman who is pro-immigration
You should be aware the FATCA (2010 HR 2847 HIRE act) will derail any immigrants and any dual citizens such as those living in your neighborhood.
FATCA was sold to congress by the IRS & GAO as a bill to fight tax evasion, but the real goals now being realized are to penalize innocent emigrants and immigrants with life-altering penalties. Many of your dual-citizen neighbors have bank accounts in their “other country” for benign reasons such as taking care of the expenses of their family homes, family inheritances, and support of extended families. FATCA and FBARs object is to find and fine those people. In addition, FATCA also finds innocent and unknowing US citizens living throughout the world, so as to give them fines.
FATCA and its accompanying Offshore Voluntary Disclosure Programs will devastate the immigrant population.
In addition, Florida banks have already been hit by the IRS, who has been making its own legislation to force FATCA reciprocity upon Florida banks—-to send immigrant private bank information back to their home countries. This no longer makes Florida banks safe to such people. Millions of dollars are draining out of Florida.
On page 202 of the Obama budget is the presidents call to help himself in the devastating finding and penalizing US Citizens with FATCA (2010 HIRE Act), for having lived abroad.
“The proposal would provide the Secretary of the Treasury with authority to prescribe regulations that would require reporting of information with respect to nonresident alien individuals, entities that are not U.S. persons, and certain U.S. entities held in substantial part by non-U.S. owners, including information regarding account balances and payments made with respect to accounts held by such persons and entities.”
This item on page 202 above is meant to give “reciprocity” that the administration has been illegally promising to foreign governments with their Intergovernmental Agreements.
http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Model-1A-Agreement-to-Implement-Reciprocal-11-14-2012.pdf
It will also give the IRS Powers to legislate and make laws.
What he wants is for Florida banks to report their foreigners to the IRS so that he can give the names over to their other countries, reciprocal to what the treasury is forcing banks in Norway and Lebanon and Qatar to do.
Good luck with immigration, but FATCA legislation has already undone your work before you have started.
@Mark Twain, thanks so much for mentioning the impact of immigrants to Senator Rubio.
I am getting desperate that anything is going to be done for us caught in that mess.
And if and when something becomes available, I likely would be out of the woods and not even be able to use it. This is my second year GF and the last I had to file a FBAR. I closed my account last year. One more year, and I hopefully should be out of the radar. I can’t wait. This uncertainty is killing me.
Glad that self-preservation has some collateral benefit. I’ve been trying to push RUbios immigration button 25 times so far, with zero reaction.
New article titled: “France and Germany seeking greater FATCA reciprocity before signing IGA’s, expert says’ .
http://www.risk.net/operational-risk-and-regulation/news/2270347/france-and-germany-seeking-greater-fatca-reciprocity-before-signing-igas-expert-says
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