The Internal Revenue Service has released a draft version of a new form for reporting on foreign bank accounts under the Foreign Account Tax Compliance Act.
FATCA, which was enacted as part of the HIRE Act of 2010, requires foreign financial institutions, including banks and hedge funds, to report on the holdings of U.S. taxpayers to the IRS, or face stiff penalties. The controversial law has provoked protest among foreign banks and governments, along with expatriate U.S. taxpayers and dual taxpayers. That has led to delays in implementation until next July, as well as efforts to repeal in Congress.
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