Forbes: FATCA Makes Foreign Banks Report Americans

FATCA or the Foreign Account Tax Compliance Act was enacted in March 2010 to improve tax compliance involving foreign financial assets and offshore accounts. The law requires foreign banks to report U.S. account holders to the IRS and in 2014 the IRS will start penalizing foreign banks for failing to comply.

Forbes’ Robert W. Wood explains that this could have serious consequences for Americans living abroad.

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