1. Treasury Proposes FATCA Guidance for Foreign Banks

    Treasury Proposes FATCA Guidance for Foreign Banks

    The Treasury Department and the Internal Revenue Service have released a document containing proposed guidance for foreign financial institutions as the next step in implementing the Foreign Account Tax Compliance Act in an effort to combat offshore tax evasion. FATCA, which was included as part of the HIRE Act of 2010, requires foreign financial institutions to provide information to the IRS on the holdings of U.S. taxpayers or else face stiff penalties.

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