Here Comes FATCA…What to Expect in 2014
In his article for the IFC Review, Scott D. Michel discusses the implementation of the U.S. Foreign Account Tax Compliance Act (FATCA) and anticipated concerns for 2014. Under FATCA, financial institutions worldwide must provide the IRS with information about American account holders or face 30 per cent withholding on their US investment portfolio. Wealth managers, trust companies, private banks and others should move forward to review their potential regulatory responsibilities under the statute, and U.S. persons whose accounts and structures may now be subject to automatic disclosure, if they are not in full tax compliance, should consider their legal options. To view the full article, please visit IFC Review's website.