“The Obama administration may soon ask Congress for the power to require more disclosure by U.S. banks of information about foreign clients’ accounts to those clients’ home governments, as part of a crackdown on tax evasion, sources said. The information-sharing effort stems from a fight by the Treasury Department against offshore tax evasion under the Foreign Account Tax Compliance Act, or FATCA, adopted in 2010 and set to begin taking effect at the end of 2013. At the heart of FATCA is a law requiring more disclosure by non-U.S. banks of information about Americans’ accounts to the Internal Revenue Service.”
Related posts:
Why the Only Real Way to Buy Bitcoins Is on the Streets
DEA Responds to Legal Weed in Colorado and Washington: "Enforcement of the Controlled Substances Act...
Big Banks Start Campaign to Destroy Credit Unions
What happens when a central bank goes bust?
Billion-dollar startups everywhere — but no billion-dollar entrepreneurs
Missouri to fire deafening 'sound cannons' at drivers to deter speeding
Chicago now home to nation’s largest vertical farm
Online 'Swatter' Triggered SWAT Raids On 100 Schools, 10 Homes
Afghan authorities slam NATO after drone strike kills 16 civilians
Google, Samsung phones will now receive monthly over-the-air security updates
NSA routinely tapped in-flight Internet, intercepted exported routers
Coinlab to incubate Bitcoin startups
Federal Drug Agency Denies Marijuana Is Less Toxic Than Alcohol
The Hidden Arms Race
Afghani Hornets Get Pissed After Soldiers Blow Up Their Home