The Internal Revenue Service has issued draft versions of two forms needed for overseas taxpayers to file in connection with the Foreign Account Tax Compliance Act.
FATCA, which was included as part of the HIRE Act of 2010, requires foreign financial institutions to report on the holdings of U.S. taxpayers or face heavy penalties. The law has provoked controversy in other countries, particularly among dual citizens and U.S.-born expatriates, as well as charges that its provisions violate banking secrecy laws and national sovereignty. In response, the IRS and the Treasury Department have been rolling out the FATCA regime slowly, extending several deadlines and softening some of the requirements in the regulations, while also negotiating intergovernmental agreements with other countries to share tax information with them.
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