Recent Legislation and IRS Guidance Greatly Impact Foreign Account Reporting and Compliance; Confirm Government's Focus on Offshore Activities

Recent Legislation and IRS Guidance Greatly Impact Foreign Account Reporting and Compliance; Confirm Government's Focus on Offshore Activities

On March 18, 2010, President Obama signed into law the “Hiring Incentives to Restore Employment Act” (the “HIRE Act”). The HIRE Act included the Foreign Account Tax Compliance Act (FATCA) which enacts new information reporting requirements and enforcement measures regarding...

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