With Clock Ticking On FATCA, Financial Firms Brace For Headaches | FATCA | Scoop.it
Designed to make it more difficult for U.S. taxpayers to shelter assets held in offshore accounts, FATCA requires all foreign financial institutions to share information about their U.S. clients with the IRS. This sounds reasonable enough, until you get down into the details of how, exactly, financial institutions are going to collect all of this information for all new and existing customers and report it correctly to taxing authorities around the world.