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The Rollout of FATCA Is Being Delayed to Help Foreign Banks. Tax Attorney Rob Wood Explains

3 years ago2 views

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Tax attorney Rob Wood explains that the Foreign Account Tax Compliance Act (FATCA) is rolling out more slowly than originally envisioned to give foreign banks a chance to get ready for compliance and avoid the huge penalties FATCA imposes for noncompliance. The law requires foreign banks to disclose to the IRS the accounts held by U.S. citizens for taxation purposes.

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