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Tag: foreignfinancialassets

Removing the Veil

How FATCA will affect your foreign financial dealings By Mary Vasilescu  If you have offshore financial interests or make payments to foreign entities, you need to know about the Foreign Account Tax Compliance Act, which removes the veil from foreign banks and other entities that enable U.S. citizens to evade taxes on assets accumulated in other countries. Foreign entities are required to satisfy payment documentation and reporting requirements. Lacking the cooperation of those entities,...

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