New York Times Quotes Mark Matthews: Complying with U.S. Tax Evasion Law is Vexing Foreign Banks
Mark E. Matthews was quoted by the New York Times regarding the Foreign Account Tax Compliance Act, a new federal law aimed at curbing offshore tax evasion by Americans through foreign banks, trusts and shell companies. The law has received criticism for its requirement of reciprocal data sharing; American institutions will be required to share data with foreign governments about foreign investors who have accounts in the U.S. For the complete article, please visit the New York Times' website.
Excerpt taken from the article.
"You can search a long time for comments from the private sector or other governments singing the praises" of the law, said Mark E. Matthews, a tax lawyer at Caplin & Drysdale in Washington, and a former deputy commissioner of the Internal Revenue Service. "It's all criticism, and that speaks volumes about the challenges."