American Citizens Abroad has posted an update with information concerning their efforts to replace Citizenship-based Taxation with Residence-based Taxation. They are also calling for testimonials about how legislation is affecting you and for your support in by writing the Tax Committee directly responsible for tax reform and asking for the implementation of RBT.
Update on Residence-Based Taxation RBT – August 2014
ACA has been hard at work in Washington, DC bringing RBT to the attention of the legislature and the Administration. ACA has met with all the members of the Americans Abroad Caucus, and the Ways & Means and Senate Finance committees. ACA has been asked by the committees involved in tax reform to provide our input on the tax treatment of Americans living and working overseas. We are proud that ACA is now the government “go to” source for information on many of the issues affecting overseas Americans, and we regularly submit comments to government hearings on issues important to our membership.
Media attention on the issues of overseas Americans is growing. More and more major media outlets like Bloomberg, CNN, Forbes, Time, Politico and others are talking about RBT and FATCA. Much of this attention is due to the ACA commitment to bringing the issues of overseas Americans to the attention of the media. ACA is regularly solicited for interviews and quoted in the media.
ACA was the first overseas organization to advocate for “Same Country Exception” for FATCA and the first to develop a specific detailed proposal for Residence-Based Taxation (RBT). ACA is pleased to see that other organizations such as Democrats Abroad and Republicans Overseas have picked up our messaging on FATCA and taxation and are also advocating to the Washington legislature and the Administration on this subject.
ACA’s Comprehensive Compliance Procedure was the basis of the recent IRS Streamlined Foreign Offshore Program, which allows a low- to no-risk process for Americans overseas to become tax compliant.
In addition, ACA was able to get a special provision inserted first in a number of Intergovernmental Agreements and then in the FATCA regulations, requiring local overseas banks not to discriminate against Americans if they want to qualify for certain types of favorable treatment. ACA is one of the few, if not the only, organization representing Americans abroad that has the expertise and working relationships to permit it to work on a technical level like this.
ACA continues to advocate on behalf of Americans living and working overseas and the organization is truly the Voice of Americans Overseas. ACA is listening to you and Washington is listening to ACA.
Send us your testimonials on how current legislation is affecting you. These testimonials are important to our advocacy work but even more important is your work in contacting your own Congressional representative. We ask you to write to your representative today and let him or her know your thoughts and personal experience, and please send a copy to ACA as well.
You can also support our work by writing directly to the Tax Committees responsible for tax reform and asking for RBT. Go HERE
In all your communications to Congress, if you need to use a US residential address, use your last known address in the United States, the same one from which you are registered to vote.