FATCA Update: Treasury Issues Long-Awaited Rules For Foreign Asset Reporting by Domestic Entities


The Treasury Department has finally issued regulations implementing the rules requiring domestic entities to annually disclose their foreign financial assets to the Internal Revenue Service. In 2010, as part of the enactment of the Foreign Account Tax Compliance Act (FATCA), Congress added section 6038D to the Internal Revenue Code requiring certain taxpayers to annually report […]

via Tax Controversy Watch http://bit.ly/1T8qBZA