3 Responses to “FATCA Continues to Gather Momentum”

  1. SwissTechie December 22, 2013 at 6:42 PM #

    The reciprocity in the agreements only applies to individuals who do not live in America. This means that individuals who live in America may continue cheating on their taxes with the full support of the US government.

    • danielkovnat December 23, 2013 at 5:52 AM #

      I appreciate your comment, however, the reciprocity agreements, as I understand them, apply to all the so-called “US persons” which includes any citizen of the USA no matter where they live. The main brunt of the US Treasury/IRS legal actions have been against tax evaders who live in in America. It is “guilt by association” that expats who live abroad, work abroad, bank abroad, and file their 1040’s, including reporting all their taxable financial transactions, are lumped with those tax evading Americans living in America. We expats use our “on shore” bank accounts as tools to deposit our salary, write checks and pay bills. We do use our local, foreign bank as an offshore account to hide money from the IRS. We are getting dragged into the FATCA net as the IRS tries to catch the big fish.

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  1. Is FATCA Legal? | IRS vs expats - May 19, 2015

    […] many countries have signed bilateral agreements enabling their own tax authorities to gather date on US persons and send this private and personal […]

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