Taxpayers Running Out Of Time To Disclose Foreign Accounts
September 24, 2013, 1:21 PM EDT
Law360, New York (September 24, 2013, 1:21 PM EDT) -- More and more financial institutions outside of the U.S. are going to disclose the names of their U.S. account holders to the Internal Revenue Service. This is an unavoidable result of the implementation of the 2010 Foreign Account Tax Compliance Act. FATCA forces foreign financial institutions to disclose the names of their U.S. account holders, possibly beginning as early as mid-2014.
In addition, countries that previously protected the secrecy of bank accounts are not only supporting the implementation of FATCA, but are also cooperating with the...