Michael Sonnenblick, founder of Sonnenblick Law, reviews how foreign banks will now have to review client accounts; what FATCA in general means for U.S. taxpayers with foreign bank accounts; and what U.S. taxpayers should be doing now to come into compliance with the foreign bank account reporting rules in order not to be exposed to the onerous civil and criminal penalties that would otherwise apply.
New FATCA Regulations Highlight Need for Compliance on Foreign Accounts
New York Law Journal
March 1, 2013
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