Foreign Bank Account Regulations Part II

In my earlier post here, we talked about Foreign Bank Account Regulations and the importance of staying in compliance. The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010. Not only does FATCA require US Taxpayers to report financial assets in foreign countries, it also requires Financial Institutions to report directly to the IRS certain information about financial accounts held by US Taxpayers or foreign entities in which US Taxpayers have substantial interest. 

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