The release of a massive final regulation package implementing the Foreign Account Tax Compliance Act has allowed practitioners and financial institutions to breathe a sigh of relief while getting some finality on fundamental questions, but U.S. government officials said January 22 that their work is still ongoing. Speaking at the New York State Bar Association Tax Section annual meeting in New York, Steven Musher, IRS associate chief counsel (international), explained that Treasury and the IRS were only trying to lay out rules necessary to effectuate FATCA and not go beyond that. The IRS at times limited its actions in order to maximize the benefits flowing from FATCA while minimizing burdens.
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