Bucci Law Offices
We provide tax representation for clients worldwide
MIAMI BEACH 305-340-2275
FORT LAUDERDALE 954-900-9107
TOLL FREE 800-743-4263

April 2014 Archives

Federal Court Rejects Bankers' Challenge to New Disclosure Requirements Triggered by FATCA

1099 int.jpgThe passage of the Foreign Account Tax Compliant Act (FATCA) created a broad new system for foreign institutions to report to the IRS about their American accountholders. In order to secure the cooperation of those foreign financial institutions, however, the US also had to agree to make its institutions provide expanded disclosures to foreign tax authorities, as well. To this end, the Treasury Department passed new regulations mandating the reporting of interest earned by foreign accountholders to their countries' governments. Two US banking organizations sought to defeat these expanded new disclosure requirements by suing, but a federal district court recently rejected their claims.

Bucci Law Offices

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