OK, this is not the most joyous subject but I am going to throw it out there because it has me worried.
The U.S. government passed a law called the Foreign Account Tax Compliance Act which very briefly will require Americans to report their assets (not just their bank accounts) to the IRS AND require foreign banks to report the account information of Americans at home and abroad to the IRS.
The additional reporting does not thrill me - I already file tax returns and FBARs - but, hey, this isn't the end of the world.
What really worries me is how my bank here in France is going to react to this law. Will they cheerfully comply? Or will they fire me as a client? Because let's face it I'm not a big client - I'm just a regular person with all the usual stuff you need to live like a checking and saving account. There are reports coming out of other European countries that some banks are closing the accounts of their American clients because the reporting hassle is too much - expensive and annoying.
The Canadian government has already fired back at the U.S. gov. I wrote a post about it with some good links here http://thefranco-americanflophouse.blogspot.com/2011/10/uscanada-tax-war.html
Anyone else concerned about this? American Citizens Abroad and other expat organizations are working to get the law softened or repealed. More info is here http://www.aca.ch/joomla/index.php
Americans - the new international banking pariahs... :-)