This was posted byRV-2-Day Posted 22 April 2014 - 11:48 AM
But I must have missed the reply.
Adam
In 2010 H.R. 2847 the Hire Incentives to Restore Employment Act & Foreign Account Tax Compliance Act was signed and goes into effect July of this year.
The FATCA requires full disclosure of accounts outside the U.S. by U.S citizens and more importantly by foreign Banks. Offshore financial institutions are required to provide a 1099 form to the IRS for their American Customers. Under FATCA, banks will be forced to submit information on total assets, account balances, transactions, account numbers and other personal identifying information.
Thanks