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What's New? FATCA amendment to FCRA.

DateWednesday, December 3, 2014 at 5:30PM by AuthorBanking Spectrum

Enacted in 2010, the Foreign Account Tax Compliance Act (FATCA) is effective July 1, 2014.  It requires foreign financial institutions to report on the U.S. owned accounts held with them to the Internal Revenue Service.  If they do not, the foreign institutions face a 30% withholding on their US based source income.  Read more about FATCA here. 

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