👉

Did you like how we did? Rate your experience!

Rated 4.5 out of 5 stars by our customers 561

Award-winning PDF software

review-platform review-platform review-platform review-platform review-platform

Video instructions and help with filling out and completing Are Form 3520 Accidental

Instructions and Help about Are Form 3520 Accidental

Hello Anthony, hello Claudia. We are welcome today by having a wonderful guest, Don Elaine Nelson. We met Donna Lane at the unintended consequences of FATCA hearing. She actually had to renounce her US citizenship, which we'll get into in just a moment. But just quickly, Anthony, give me a quick snippet on what FATCA is and how it harms US persons. Okay, FATCA stands for the Foreign Account Tax Compliance Act. It was passed in 2010, sort of as an add-on to the Higher Act, under the guise that it would help the US government raise about a billion dollars in revenue every year. It requires foreign banks to report information to the IRS of people it suspects of being US persons. If the banks don't, there are significant penalties. The penalties would effectively ruin any foreign bank. So the bank's response to this is to say, well, we'll just get rid of US persons then we don't have any risk. And this has caused a disaster for many US expats overseas and a lot of US visa holders in the US who have become US persons who now have their accounts in their homeland shut down. Wow, so it's been a complete disaster. In Donna Lane, I thought her introductory testimony at the hearing was incredibly powerful. She brought the room, the room was quite quiet and stunned. Donna Lane, thank you for joining us. I'm Donna Lane. You are a plaintiff in the FATCA lawsuit with Marc Crawford and Rand Paul. And so I contacted you because we did not do well in the Sixth Circuit. The case was dismissed because the court gave the reason that these parties don't have standing because they don't see the credible threat. How do you feel about that, Donna Lane? Can you...