Tax
Jan. 3, 2014
What every lawyer should know about FATCA
Every lawyer should know the Foreign Account Tax Compliance Act, enacted in 2010, finally takes effect this year.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Every lawyer should know that FATCA stands for the Foreign Account Tax Compliance Act. Enacted in 2010, it finally takes effect in 2014. If you represent domestic banks and other financial institutions, you already know they are key to Internal Revenue Service enforcement efforts. But if you represent overseas institutions, you might assume they have no reason to help the IRS. That's where FATCA comes in.
FATCA goes to the source, requiring offshore financial institutions to repor...For only $95 a month (the price of 2 article purchases)
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