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Treasury finalizes FATCA rules

from United Press International

The Department of Treasury said it has issued finalized rules for the Foreign Account Tax Compliance Act, designed to fight offshore tax evasion. The act, signed into law in 2010, is intended to force foreign financial institutions to identify taxable accounts and turn over names to the Internal Revenue Service. "These regulations give the administration a powerful set of tools to combat offshore tax evasion effectively and efficiently," said Deputy Secretary Neal Wolin in a statement. more

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