Professor Colleen Graffy Publishes "The Foreign Account Tax Compliance Wreaks Havoc on Americans Abroad" -- Santa Barbara Lawyer
Professor Colleen P. Graffy's article, "The Foreign Account Tax Compliance Act Wreaks Havoc on Americans Abroad," is published in Santa Barbara Lawyer magazine. The article considers the affect of the Foreign Account Tax Compliance Act on American nationals globally.
Excerpt from "The Foreign Account Tax Compliance Act Wreaks Havoc on Americans Abroad"
The Foreign Account Tax Compliance Act (FATCA) was passed in 2010 as a means to counter Americans engaged in money-laundering, tax evasion, or financing terrorism, by identifying assets and bank accounts hidden overseas. A laudable goal, but the law overlooks that most overseas assets and bank accounts owned by Americans are not hidden. They are there quite openly because these Americans live and work overseas, and they need bank accounts to go about their daily lives, and need financial institutions for their mortgages, investments, and pensions.
The complete article may be found at Santa Barbara Lawyer (pages 11-12).