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This is an important post that we encourage you forward on to any person you know who is an American working and living abroad; or any accidental Americans who are caught up in this tax legislation. Please watch this video where John Richardson interviews Jim Gosart, Olivier Wagner and Solomon Yue about their work on behalf of all Americans Abroad. Although many other significant contributors have helped along the way, these gentlemen have been greatly instrumental in getting tax legislation H.R. 7358 to Congress.
If you have followed any of the initiatives to get this bill in front of Congress, you must know what they have accomplished is astonishing. The goal has always been to make the tax treatment of Americans Abroad fair. The new bill presented in Congress is appropriately called “Tax Fairness For Americans Abroad Act of 2018″ and you should follow it closely.
Please listen to this important interview as they share an extraordinary story with taxpayers. Nine million Americans owe them a great deal of gratitude for all their efforts on your behalf. John Richardson is a tax lawyer; Olivier Wagner is a tax compliance professional, Solomon Yue is founder of Republicans Overseas, and James Gosart a successful American businessman who opened up a business outside the United States and understands the impact.
They also credit hardworking Congressman George Holding for his herculean efforts on behalf of 9 Million Americans Abroad.
Please take take this time to listen to this video and be certain to thank everyone for their outstanding efforts!
Kat Jennings, CEO
TaxConnections
10 comments on “View An Astonishing Achievement By These Tax And Business Professionals For 9 Million Americans Abroad”
TTFI potentially a good deal for US expats who’ve been compliant (which is maybe 15% of non-resident citizens) but does nothing for duals and accidentals, who should not be required to enter the US tax system, period. They need FATCA relief to end birthplace discrimination in their home countries. They don’t need tax relief because they won’t ever be compliant.
Thanks for advertising this, Kat. It will be a miracle if TTFI can get through Congress, but Solomon Yue said there’s bipartisan support for it, and I’m praying he’s right. This Bill might not be perfect, but it’s way closer than what we’ve got now.
Misleading article. In order to qualify for TTFI, a so-called ‘US person’ must have 3 years US tax and FBAR compliance. However, millions of US persons abroad who have been blindsided by CBT after years of living as citizens and taxpayers of other countries, are not compliant and can not easily become so. The new bill would help those who are tax compliant (a minority) such as more recent expats who knew about USA’s counter-intuitive citizenship based taxation(due to recent media attention) as well as longer term expats and accidentals who are able and willing to enter the US tax system for 3 years, but not all 9 million US persons – not even close.
bob smith, bingo. i totally agree. us citizens born abreoad are most likely non coliant with the irs and therefore cannot claim rbt as per the current wording of the bill
That’s right Bob. Republicans Overseas and compliant expats are spinning this bill as something that ends citizenship based taxation for all 9 million US persons, but it really only helps a small minority.
Yes, like “compliant” expats are the lucky ones. Keep flying under the radar, you’ll be fine. This bill does nothing to harm you, so like your promotion of the Obama resolution, let those who can get badly needed relief get it, rather than complain about not getting something you don’t care about.
A true accidental who isn’t impacted by US tax wouldn’t care, because like Bob says, you’ll never be compliant anyway. What you want doesn’t, and will never exist – which is a different birthplace.
The types of Americans in the greatest need of this bill are actually people who are paying US taxes, you know.
Suzanne, we seem to agree that this bill helps a minority of US persons. Namely the ones who aren’t hiding in fear of the US government – i.e. the ones who had, or have, the resources to become US tax compliant. Minority or not, I would be happy to see any US persons getting a break, unlike how some people were adamantly opposed to the Obama proposal for ‘accidentals’.
My concern is that the continuous promotion of “tax fairness for Americans abroad” as being the end of CBT for NINE MILLION AMERICANS, may harm US persons who are not compliant and for whom compliancy is not feasible. With TTFI being touted as a gift for 9 MILLION AMERICANS abroad, what excuse will the non-compliant US taxpayers have? Who will believe they still have a problem?
This has nothing to do with the article, but since you suggested to “keep flying under the radar” as the solution for non-compliant US persons, I will suggest that this approach may work for some US born, in countries like Canada and Australia, but for how much longer? The outcome of the Canadian FATCA lawsuit could change the landscape in Canada dramatically. USA could start getting tougher in its FATCA compliance requirements. The future is uncertain, but one thing is sure: there is risk involved in continuing to be a non-compliant US person.
Oh yeah, and what is a “true accidental? I’m sure the gang at Accidental Americans facebook group would love to hear your definition.
Suzanne, no doubt you consider the plaintiffs in today’s historic trial to be “true accidentals”, yet you say “a true accidental wouldn’t care” and suggest that non-compliant US persons like the plaintiffs have no issue and should just “keep flying under the radar”. Care to explain the dichotomy?
Hey Suzanne, you are a witness in the Canadian lawsuit no? You’d love it if the ‘accidental American’ plaintiffs won their case such that your banking records (as a proud American) would no longer be sent to the USA as they are now, right? The plaintiffs have no issues according to you though. Interesting.
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