Congress Takes a Big Swing at Tax Evaders
The 2009 Tax Extenders Bill contains a revenue raiser entitled the Foreign Account Tax Compliance Act of 2009. First introduced in late October 2009, "FATCA" arose in the wake of the UBS tax evasion scandals, and represents a major move to shut down current avenues for U.S. tax evasion. A perennial problem, the sheer magnitude of U.S. individual tax evasion took center stage in the recent UBS banking scandal, in which the Swiss bank admitted to helping U.S. taxpayers hide over $20 billion in offshore accounts. In this article, Michael Lloyd and Kim Majure discuss how FATCA takes a new approach to an old problem.
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