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Foreign Account Tax Compliance Act (FATCA)
Top Takeaways 1: FATCA Becomes Effective December 31, 2012 In 2010, President Obama signed the Hiring Incentives to Restore Employment Act that included FATCA in an effort to combat tax evasion by U.S. persons
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Reporting Foreign Financial Assets in 2011
Taxpayers with foreign financial assets will be using a new filing form to report their information for tax year 2011. Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by certain categories
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5 Nations Agree to Combat Tax Evasion
In a joint statement, the United States, France, Germany, Italy, Spain and the United Kingdom agree to improve tax compliance and an approach to implement the Foreign Account Tax Compliance Act (FATCA). The nations
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Reporting Foreign Financial Assets in 2011
Taxpayers with foreign financial assets will be using a new filing form to report their information for tax year 2011. Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by certain categories
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FATCA gets new set of proposed regulations
The U.S. Department of Treasury and the Internal Revenue Service (IRS) has issued another set of proposed regulations implementing the reporting and withholding requirements under the Foreign Account Tax Compliance Act or FATCA. In
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