“Banking privacy is dead…The US government is the assailant, and FATCA is the murder weapon” – IRS reporting requirements for foreign financial institutions and U.S. taxpayers holding financial assets outside the United States
FATCA is a controversial new piece of US legislation that will impose potentially burdensome reporting requirements on US taxpayers and on “foreign financial institutions”. The US Internal Revenue Service (IRS) has a summary of key FATCA provisions here.
The main IRS page is here. The accountants are much better on FATCA than lawyers – each of the Big Four accountants has a dedicated FATCA site, of which E&Y’s is the best:
- Ernst & Young – FATCA
- KPMG – FATCA
- PwC – FATCA
- Deloitte – FATCA
For a more spirited summary of FATCA, see this post from Zero Hedge – “Banking privacy is dead. Completely, totally dead. Murdered, really. The US government is the assailant, and FATCA is the murder weapon.”
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