Michael Lloyd Quoted Regarding Financial Institution Sign-Ups and Countdown to FATCA Implementation in Politico

"Thousands of banks sign onto U.S. global tax law"
Politico
06.02.14Michael Lloyd was quoted regarding the 77,000 financial institutions around the world that have agreed to take part in the Foreign Account Tax Compliance Act (FATCA), requiring banks and other financial firms to report detailed account information about their U.S. clients. "I hope those who worked on this all enjoyed the moment. It is a very big deal, what they accomplished," Lloyd said. "They've sold it to the world." FATCA officially begins on July 1, 2014, and the list of institutions that have signed up is bound to impact U.S. individuals with foreign bank accounts. FATCA requires banks to turn over client names and other detailed information for accounts with more than $50,000 -- "enough that IRS could cross-check" to make sure those account holders are paying U.S. taxes, he said. In the meantime, Lloyd said the work isn't over for the IRS, particularly when it comes to giving guidance to the banks and withholding agents who have signed up for FATCA. "Yes, selling the system to the world was a huge success," he said, "but the details leave something to be desired."
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