Bloomberg Tax
Feb. 16, 2021, 4:33 PM

EU Seeks U.S. Meeting to Resolve Foreign Tax Account Law Worries

Stephen Gardner
Stephen Gardner
Freelance Correspondent

The European Commission wants to meet with the Biden administration to discuss problems arising from a law requiring U.S. citizens to report their foreign assets to the IRS.

European Union leaders have raised concerns about the law’s strict reporting requirements, arguing it has forced some banks to close the accounts of U.S. citizens. The U.S.’s Foreign Account Tax Compliance Act, known as FATCA, has also hit so-called “accidental Americans,” those who have U.S. citizenship but never lived or worked in the country.

  • The commission is concerned about the law’s “impact ...