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Perspective

Dec. 21, 2011

Is your financial institution ready for the new 'FIRM'?

California passes a law requiring financial institutions to help collect delinquent taxes. By Stuart Simon and Daniel Wheeler of Buchalter Nemer


By Stuart Simon and Daniel Wheeler


Without much fanfare, California enacted legislation (Revenue & Tax Code Section 19266) that will impact virtually every bank, credit union, thrift and brokerage firm doing business in the state. This program will place a new burden on financial institutions in order to help the state collect delinquent taxes.

The FIRM program: Starting in April 2012, account information of global financial institutions ...

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