IMPORTANT! USA Tax Survey! ATTENTION Americans, accidental Americans and US dual passport holders

[JeffG]

@Taiwan_Luthiers

So my question is, why are banks complying with American laws? I can see if the bank is owned by American companies, but why should a UK bank follow US laws that is in violation to UK laws? Are they doing this voluntarily or is there coercion involved?

Jimbob answered that question. It’s because of the 30% issue. The problem is, as usual, the USG is not being reciprocal with data.

[JeffG]

Guys, if you have not done so already, please take a few minutes to fill out the survey, the deadline is coming up and they want more feedback, the more people do the survey the more they can show the IRS that yes, we actually give a crap and are extremely pissed off.

[JohnTN]

@JeffG

Ahhh but you are forgetting that the banks need to pay for that software where they have already spent millions for other FATCA software. Some banks will some banks won’t. And even if they do find them, send the data to the Treasury and then what? It sits in a warehouse for decades. The US now has so much data they don’t know what to with it.

My previous company developed big-data algorithms for regulatory compliance at global banks and gov clients, so they are definitely doing something with the data.

[JeffG]

John, there are many companies doing this, and it makes us all wonder how they sleep at night knowing that they are screwing millions of people. No offense to you, it’s just a job.

As for what they are doing with the data, no one knows, but they have too much data to really do anything with it. They are just collecting, but cannot sort it. There was a report last year that basically said the USG is wasting money because they cannot sort the amount of data they got effectively making FATCA useless.