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Treasury and IRS amend final FATCA regulations

from Accounting Today

The Department of the Treasury and the Internal Revenue Service released a final package of regulations to implement the Foreign Account Tax Compliance Act and amend the regulations to align them with existing tax rules. FATCA was included as part of the HIRE Act of 2010, with the goal of combating offshore tax evasion by requiring foreign financial institutions to report on the holdings of U.S. taxpayers, or else face stiff penalties. more

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