Tax

It’s the talk of the town: whether the stories concern people losing access to financial services because of FATCA, scrambling to meet obligations they sometimes didn’t even know about, deciding how best to comply with those obligations without infuriating spouses or business partners, feeling adrift in a sea of incomprehensible instructions or frustrated that the mere fact of living abroad appears to make them suspect… the tax and financial reporting worries of “U.S. persons” (citizens, but also green card holders and others) are in the news almost every day.

It is therefore only natural to want to learn how people are faring.  Moreover, organizations like FAWCO regularly report the needs and concerns of their members to Washington policymakers, and they need to know the facts.

Two organizations have recently produced surveys to learn more about problems overseas Americans are facing today in the tax and banking arena.  In addition to the “denial of financial services survey” posted in June on the FAWCO website (http://www.fawco.org/us-issues/us-tax-banking/banking-and-saving/3052-does-your-bank-love-you), requesting information about bank accounts denied or closed in the United States or abroad, we support two other current surveys of a different nature:

1)   Our long-standing partner AARO wants to be able to report on our experience with the new FBAR e-filing process (which is mandatory as of this year).  Their anonymous survey is very quick (3-4 minutes) and focused and could help when the time comes to prepare next year’s form.  For the “FBAR feedback” survey, click here.

2)   Democrats Abroad has called on 2 academics to prepare a comprehensive but not dauntingly long questionnaire about the banking and savings habits of overseas Americans.  This follows an earlier survey in 2012 which provided a great deal of important demographic information about banking needs in the overseas population.  This year’s survey has been refined in light of questions from Washington lawmakers as to the kinds of financial services overseas Americans need and expect and have trouble maintaining.  While this should not be perceived as an endorsement of a political party, FAWCO supports this effort to gather important information and encourages its members to participate.  To access the Democrats Abroad survey, click here.

These three surveys are not redundant: one applies to any specific denial of financial services; one to experience in e-filing the FBAR in 2014; and one to the way overseas Americans bank and save and any needs they are having trouble meeting.

The more information of this kind that we can provide to Washington, the more likely it is that (as has recently happened) things may just get better for overseas Americans!