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by anothermouse 3776 days ago
You are, seemingly deliberately, failing to understand that this isn't a 1% problem. The 1% have tax advisors and CPAs paid to take care of this for them.

This is affecting expats and accidental americans in their daily lives, even if they have no income. I am not the first to suggest it, but reread the article, and image that you earn $30K and live in france, and for some reason you're account is being closed, and you need to spend 1K post tax a year filing for a country you don't live in.
1 comments
spiralpolitik 3775 days ago
The simple solution would be to synchronize FBAR and FACTA to use the same reporting amount as this would remove the vast majority of people from having to report. $10K is far to low given exchange rates. $50K-$100K or higher would probably be a more realistic number.
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anothermouse 3775 days ago
My other comment (in reply to another comment) shows how I, a brit, have gotten myself into a problem with far more that 100K, without having any idea.

The best option would be same country exemption for FBAR and FACTA. Or stop taxing non-resident citizens.

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