New York, New York (PRWEB) November 27, 2012
Recent Greenback survey results about American expat concerns over US taxes as well as their dissatisfaction with the lack of fair US government representation have placed much focus on what’s to come for US expats in the next four years. Issues related to dual taxation and better representation are just a few of the topics Americans living overseas want to see addressed. Now, with the re-election of President Obama, US expats are poised to follow closely his administration’s next steps.
“It’s an interesting time for Americans living abroad,” say Greenback Expat Tax Services President David McKeegan. “Like Americans living in the US, they too re-elected President Obama. Now, they’re closely watching what the administration will do for the next four years, particularly as it involves US expat taxes,” he said.
US expat taxes have been receiving a lot of attention recently, namely the Foreign Account Tax Compliance Act (FATCA). In a recent press release, the US Department of the Treasury discussed next steps in the development of FATCA and its engagement with more than 50 jurisdictions. Enacted by Congress in 2010, FATCA seeks to support compliance among US taxpayers using foreign bank accounts. When enforced, it will require foreign financial institutions to report on the holdings of US taxpayers to the IRS or face penalties.
“These are precisely the types of issues that are top-of-mind for our customers,” said Mr. McKeegan. “FATCA wasn't designed with the average American expat tax return in mind. However, they need to comply nonetheless,” he added.
Earlier this year, a bill was introduced to create a Federal commission to study the impact of government policies upon Americans living overseas. The legislation would create a 15-member bipartisan Executive Commission to study the impact of U.S. laws and Executive actions on Americans living abroad.
An estimated six million American expatriates currently live overseas. “US expats represent a large and important group,” said Mr. McKeegan. “We’re committed to monitoring the most current and important developments that impact our customers. It’s critical they receive the necessary information to make informed decisions about their US expat taxes.”
More About Greenback Expat Tax Services
For more information about Greenback Expat Tax Services, FATCA, or other issues related to US expat taxes, please call Greenback Expat Tax Services toll free at 1 (888) 362-5032, or email us at info(at)greenbacktaxservices(dot)com. You can also visit us at http://www.greenbacktaxservices.com.
Greenback Expat Tax Services specializes in the preparation of US expat taxes for Americans living abroad. Greenback offers straightforward pricing, a simple, hassle-free process, and CPAs and EAs who have extensive experience in the field of expat tax preparation. For more information, please visit http://www.greenbacktaxservices.com.