IRS, Treasury Dept. Give Financial Cos. New FATCA Advice

Law360, New York (October 29, 2013, 9:01 PM EDT) -- Foreign financial institutions subject to U.S. rules aimed at thwarting offshore tax evasion received newly modified reporting standards under guidance issued Tuesday by the Internal Revenue Service and the U.S. Department of Treasury.

Foreign institutions that have signed on to the U.S. Foreign Account Tax Compliance Act must report the aggregate amount of money that U.S. account holders transfer to nonparticipating foreign institutions. According to the guidance, if a foreign country requires an account holder's consent for reporting purposes and the participating institution can't obtain it,...
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