Today, July 1 2014, is a dark day for the 7 million Americans living overseas and for U.S. firms that operate globally.
Under FATCA, all non-U.S financial institutions are required to report the financial information of American clients who have accounts holding more than $50,000 directly to the IRS.
It is claimed by its proponents that this new tax act is designed to catch tax evaders who illegally shelter money offshore. This is a noble aim. But FATCA Read More