On behalf of 8.7 million overseas Americans, Republicans Overseas Action has filed a complaint and motion for preliminary injunction against the IRS in the U.S. District Court for the Southern District of Ohio at Dayton. We are seeking to prevent the IRS from taking actions under FATCA/FBAR until a trial can be held by the court.
FATCA or the Foreign Account Tax Compliant Act, gives the IRS access to every foreign bank account held by every American. But it has a particularly damaging effect on Americans living overseas. That’s because foreign banks are finding the reporting requirements of FATCA to be so stringent and expensive that most foreign banks are charging Americans exorbitant additional fees or are refusing to take American accounts at all.
Republicans Overseas has been leading the fight against this law, which does little to actually catch "tax cheats" at tremendous cost to all U.S. citizens living overseas. The costs of compliance are tremendous, even for those who do not owe any tax. Republicans Overseas has led the fight against this law politically, but has been unable to gain traction with the current administration. Today, Republicans Overseas has opened a new front its campaign against this law, by filing its complaint and motion for preliminary injunction in Federal court.
Read the official press release, complaint and motion for preliminary injunction at the links set out below.