We hope you had a great year and have been able to handle your US tax challenges in the best way possible. We’re updating you on the current state of affairs regarding the US taxation of dual citizens.
It has been a year with many developments for all Americans living Overseas.
The problems of EU citizens with an American tax liability was finally on the agenda of the European Parliament this year.
In July there was a debate in the EU on US Citizen Based taxation, FATCA and the consequences for US persons in Europe. Americans Overseas was invited to Strasbourg for the preparation of the debate to explain the problems that US persons in Europe are facing.
Although the EU-commission so far does not seem inclined to intervene, the positive outtake is that these problems are increasingly reaching the political limelight. The group of Accidental Americans has breached the next barrier by grabbing the attention of the EU commission.
Hoping for change, Americans Overseas remains in close contact with national and EU representatives and keeps on pursuing the task of informing all involved (political) parties of the challenges faced by Accidental Americans.
Americans Overseas received a memo from it’s network of accountants. It was written by the International Revenue Service (IRS), announcing the end of the O.V.D.P. program (Offshore Voluntary Disclosure Program) per September 2018.
The memo did end with more positive news. Only part of the amnesty program is being terminated
The special program called Streamlined procedure, that is applicable for Americans citizens outside the US who didn’t know about their filing obligation, is kept active for the moment.
As always if you have any other questions feel free to call or email. Regardless if you’re not filing or are already filing your taxes (elsewhere), we’re glad to help.
To end the year on a lighter note we wanted to thank everyone for supporting us and liking our initiative 4000 times on Facebook! If you haven’t done so please click and like our Facebook page to stay up to date
We wish you a very merry Christmas and a happy new year!
Understanding the US tax system, the obligations, and all the additional terms can be difficult. Especially if one lives outside of America. Is your question not answered? Contact us.
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