"'Inevitable glitches' ahead for U.S. anti-tax evasion law: IRS"

[applegrove]

'Inevitable glitches' ahead for U.S. anti-tax evasion law: IRS

http://www.reuters.com/article/2014/03/24/us-usa-tax-commissioner-idUSBREA2N1N120140324

"SNIP......................

(Reuters) - A new U.S. anti-tax evasion law, set to take effect on July 1, will encounter "inevitable glitches," said the head of the U.S. Internal Revenue Service on Monday, adding that the IRS will be sympathetic to banks doing their best to comply.

The Foreign Account Tax Compliance Act (FATCA) will require foreign banks, insurers and investment funds to send the IRS information about Americans' offshore accounts worth more than $50,000. Banks failing to comply could effectively be frozen out of U.S. capital markets.

FATCA's start date has already been delayed twice. Some banking groups want another six-month delay, but the Obama administration has refused.

"We've held firm to the July 1 deadline because it's already been extended," IRS Commissioner John Koskinen said in a speech at a tax conference.


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[CFLDem]

1. What a lame law.

They even tell you how to avoid it by keeping less than 50k per account.

So sick of this rigged game...

[tularetom]

2. Somebody with a sense of humor came up with that acronym

FATCA(t)?

[applegrove]

3. LOL! I did not get that.