Judge Rules U.S. Banks Must Report to Foreign Countries under FATCA Deals #DATCA

Let the exodus of foreign investments from the tax haven of USA begin! A new article out today at accountingtoday.com reports:

A federal court has ruled that U.S. banks must report to foreign governments on the holdings of nonresident alien account holders under the intergovernmental agreements that the Treasury Department has signed with other countries’ tax authorities in an effort to implement the Foreign Account Tax Compliance Act.

http://www.accountingtoday.com/news/Judge-Rules-Banks-Must-Report-Foreign-Countries-FATCA-Deals-69297-1.html

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The DATCA fight goes to the Appeals Court..

Bankers take fight over U.S. anti-tax dodge rules to appeals court @Reuters

(Reuters) – Texas and Florida bankers’ groups are appealing the dismissal of a lawsuit they brought last year challenging rules meant to help the government implement the Foreign Account Tax Compliance Act (FATCA), a law aimed at combating offshore tax evasion.

Enacted in 2010 and set to go into effect in July, FATCA will require foreign banks to disclose to the U.S. government information about Americans’ accounts worth $50,000 or more.

In a reciprocal information-sharing effort, the Internal Revenue Service also wrote rules requiring U.S. banks to disclose information about U.S. accounts held by many foreigners that earn at least $10 of interest per year.

The Isaac Brock Society

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