The Foreign Account Tax  Compliance Act

The Foreign Account Tax Compliance Act

FATCA’s reporting regime enters into effect on Jan. 1, 2013. Here’s an overview of what’s required

 

In February 2012, the Internal Revenue Service issued proposed regulations regarding the implementation of the Foreign Account Tax Compliance Act (FATCA), a statute that was included in the Hiring Incentives to Restore Employment (HIRE) Act of 2010 as a revenue raiser.1 Congress drafted FATCA as a reaction to the disclosure in recent year

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