Please ensure Javascript is enabled for purposes of website accessibility

Can Lawsuit by Presidential Candidate Stop Impact of FATCA on the Swiss and Others?

One of the sitting US Senators who is running for President, Rand Paul, sued the IRS and the US Justice department recently over the impact of FATCA and IRS Foreign Bank Account Report Forms or FBARs on the “financial privacy of US citizens.”  The lawsuit alleges that the Foreign Account Tax Compliance Act or FATCA has made it enormously more challenging for US taxpayers to work and do business abroad, and seeks orders to set aside agreements with Canada, Israel, The Czech government and the Swiss.

The suit was filed in Dayton, Ohio and can be found at Crawford v. U.S. Department of Treasury, 15-cv-00250, U.S. District Court, Southern District of Ohio (Dayton).  Paul claims that the FBAR penalties as well as provisions of FATCA are unconstitutional and should be struck down.