Steve Klaus highlights another piece in today’s New York Times DealB%k – lot’s of mention of FATCA on banks but not on US Persons. Another good one for Brockers to comment on.
…But behind the scenes, foreign banks and financial firms are increasingly finding that complying with the law is a major headache.
Treasury Department officials say they are moving apace in getting the world’s banks on board with the law, the Foreign Account Tax Compliance Act. They say they have reached agreements with some large countries, are working on deals with others and are refining parts of the law, which is set to take effect on June 30, 2014.
But some financial institutions, trade groups, scholars and members of Congress have raised an array of concerns, starting with the cost of creating the complex computer systems needed to track Americans’ accounts.