Sorry for my late reply to all of this.
For those of you who are out of the loop on what is going on, I urge you to read this to help you understand why FATCA is bad: treasury.gov/connect/blog/Pa … FATCA.aspx ACA has written a response to the treasury over this.
As far as your message above about the IRS’s new streamline program, I would seriouslly think twice before you do anything. As I have seen there are more than seven ways for US payers who are not complient to get complient, however, all seven carry serious risks. There is not good way to become tax compliant if you are not. The IRS loves penalites more than it does the taxes it can make from back filing, which is something ACA is strongly against. I am very much for residency based taxation, and I urge the rest of you to support it also, it may eliminate our need to even file a tax return in the future, but until now nothing has been changed. Frankly I do not really trust those tax services recommendations, because many of them are only looking out for themselves and not the tax payer. PWC is a prime example, they will never recommend you to do anything other than follow the law and in some cases by doing so you will put yourself in a worse off position than you would be by simply just paying taxes going forward and doing your taxes right. The IRS loves dishing out penalites as they can make more money through the penalities than they can on the actual taxes owed! I am not advising nor suggesting you do that either, anyone who is not compliant needs to seek out all the alternatives and spend time researching before they start doing anything.