CCTV America Interviews Scott Michel on FATCA's Role in Improving Global Tax System
Scott D. Michel spoke with CCTV America concerning the role of the Foreign Account Tax Compliance Act (FATCA) in improving compliance with the global tax system. FATCA goes into effect beginning July 1, 2014 and requires foreign banks and other financial firms to report to the Internal Revenue Service on their U.S. customers and most of their assets. U.S. taxpayers, and their financial or tax advisers, are under more pressure to report their assets and comply with IRS rules or face the possibility of tax penalties, back taxes, and even criminal charges. To see the interview, please visit CCTV America's website.