FATCA Agreements Raise Enforcement Issues, Tax Attys Say

Law360, New York (January 28, 2014, 2:33 PM EST) -- Intergovernmental agreements designed to halt offshore tax evasion are becoming key to enforcing the Foreign Account Tax Compliance Act, but bring new enforcement issues, a panel of tax attorneys told the New York State Bar Association on Tuesday.

The deals help avoid conflicts with local law while guaranteeing cooperation from partner countries, at the cost of relaxed reporting and withholding requirements and an extra dependence on foreign regulators to enforce foreign law.

In other words, the United States is largely outsourcing its FATCA enforcement, said panelist...
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