Eight years after Congress passed the Foreign Account Tax Compliance Act (FATCA, which was enacted as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) to address the potential for tax evasion, lack of planning in response to evolving FATCA guidance may be putting some financial institutions at risk of noncompliance and potentially steep penalties.
To read the full article in The Tax Advisor, click: Regulatory Fatigue? FATCA Inaction May Risk Noncompliance.
