Monday, January 14, 2013
from Daily Tax Report
Final rules on implementing the Foreign Account Tax Compliance Act could be issued by IRS as soon as this week, tax practitioners close to the regulators tell BNA. Enacted in 2010 as a means to stop tax evasion, FATCA requires foreign financial institutions to tell IRS about their U.S.-owned accounts. Banks that do not comply could be responsible for paying a 30 percent withholding tax on the accounts.