Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"'Inevitable glitches' ahead for U.S. anti-tax evasion law: IRS"
'Inevitable glitches' ahead for U.S. anti-tax evasion law: IRShttp://www.reuters.com/article/2014/03/24/us-usa-tax-commissioner-idUSBREA2N1N120140324
"SNIP......................
(Reuters) - A new U.S. anti-tax evasion law, set to take effect on July 1, will encounter "inevitable glitches," said the head of the U.S. Internal Revenue Service on Monday, adding that the IRS will be sympathetic to banks doing their best to comply.
The Foreign Account Tax Compliance Act (FATCA) will require foreign banks, insurers and investment funds to send the IRS information about Americans' offshore accounts worth more than $50,000. Banks failing to comply could effectively be frozen out of U.S. capital markets.
FATCA's start date has already been delayed twice. Some banking groups want another six-month delay, but the Obama administration has refused.
"We've held firm to the July 1 deadline because it's already been extended," IRS Commissioner John Koskinen said in a speech at a tax conference.
.....................SNIP"
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 619 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (0)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
"'Inevitable glitches' ahead for U.S. anti-tax evasion law: IRS" (Original Post)
applegrove
Mar 2014
OP
CFLDem
(2,083 posts)1. What a lame law.
They even tell you how to avoid it by keeping less than 50k per account.
So sick of this rigged game...
tularetom
(23,664 posts)2. Somebody with a sense of humor came up with that acronym
FATCA(t)?
applegrove
(118,013 posts)3. LOL! I did not get that.