Bloomberg Tax
Aug. 18, 2020, 6:00 AM

EU Privacy Law Offers Hope to Foreign Account Tax Law Critics

Rick Mitchell
Rick Mitchell
Freelance Correspondent

Critics of a law requiring U.S. citizens to report their foreign assets to the IRS are hoping a EU data privacy challenge could finally end an almost decade-long fight.

For years American expatriates and those with U.S. citizenship by virtue of having been born in the U.S. to foreign parents, have sought to challenge what many argue is an unfair law. The U.S. is one of just a few countries in the world—along with Eritrea and recently China—that taxes based on citizenship rather than residency.

The Foreign Account Tax Compliance Act, enacted in 2010, requires many of the ...

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