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unhappycamper

(60,364 posts)
Mon Jun 30, 2014, 06:25 AM Jun 2014

U.S. offshore tax evaders facing new scrutiny starting July 1

http://www.rawstory.com/rs/2014/06/29/u-s-offshore-tax-evaders-facing-new-scrutiny-starting-july-1/



U.S. offshore tax evaders facing new scrutiny starting July 1
By Agence France-Presse
Sunday, June 29, 2014 22:51 EDT

US tax evaders will find it harder to hide money abroad from Tuesday, when a law comes into effect requiring foreign banks to report their offshore accounts.

Banking centers like Switzerland and Luxembourg that agreed to the US Foreign Account Tax Compliance Act (FATCA) will have to begin turning over account names and other data to US financial authorities so that they can tax unreported income.

The US Treasury has spent much of the past several years pressing the issue on some of the world’s most powerful and secret banking centers with threats of punitive action if they do not join in.

That means Americans will have far fewer options to stash their cash offshore away from the eyes and hands of the US tax agency, the Internal Revenue Service.
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