US Disclosure Law
Published / Last Updated on 24/04/2010
by Ashley Clark, Director
The US is to crack down on the use of offshore accounts to evade taxes is changing federal law and add to the disclosure burden on non-US financial services firms causing many tax advisory firms to avoid having American clients.
Legislation is due take affect at midnight 31 December 2010.
The UK and European banking and funds industry under the Foreign Account Tax Compliance Act (FATCA) with work closely with the US Treasury and Internal Revenue Service (IRS) to ensure the bill’s success.
US regulators said the scheme was workable and does not inflict burdensome compliance costs on their members.
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