Law360, New York (November 20, 2014, 4:02 PM EST) -- The U.S. government's Foreign Account Tax Compliance Act took effect four months ago, and attorneys say they're starting to see it have an impact in certain tax compliance areas while they wait for some of the biggest questions about the law to be answered.
When FATCA went live on July 1, the U.S. significantly raised the stakes for foreign financial institutions that have U.S. customers.
FATCA was created to dissuade U.S. taxpayers from stashing their money in undisclosed foreign bank accounts and imposes strict reporting requirements on such taxpayers and the foreign financial institutions that host them.
Under FATCA, foreign financial...
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