The Internal Revenue Service and the Treasury Department have released an eagerly anticipated set of proposed regulations for implementing the Foreign Account Tax Compliance Act.

The law, known as FATCA, was included as part of the HIRE Act of 2010 and has generated consternation abroad, as it requires foreign financial institutions to report to the U.S. government on the holdings of U.S. taxpayers (see Canadian Finance Minister Criticizes U.S. Tax Crackdown). Last December, the IRS was forced to offer some relief from the onerous requirements for expatriates and dual citizens (see IRS Offers Some Relief for Expats and Dual Citizens).

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