The article referenced in the above tweet includes:
U.S. legislation coming into effect July 1 will make it harder for foreign account holders to fly under the radar. Under the Foreign Account Tax Compliance Act, foreign financial institutions will have to report accounts held by Americans to U.S. authorities.
“Anyone that’s been sitting on the fence, saying this really can’t be an issue for me, or I’ll deal with it when it becomes a problem, it’s probably now getting to the stage where you should be seeking some advice and making sure that you’re getting yourself up to compliance,” said Maurice.
The FBAR has long been required, but awareness has been raised in the years since FACTA was announced, said Roland Sabates, a tax attorney at H&R Block who specializes in expat services.
“There was just a lack of awareness that this was an obligation. It wasn’t readily enforced by the IRS and the tax industry in general. It was an issue that may have been commonly overlooked,” he said in an interview from Kansas City, Mo.