HIRE Act, Part 3: How Will Banks Worldwide Respond?
Editor's Note: This month, international business attorney Joel Nagel explains the impact of a new tax law on banks worldwide -- and how their response could affect you and your finances.
FATCA, or the Foreign Account Tax Compliance Act, comprises sections 1471 – 1474 of the U.S. Internal Revenue Code (IRC). The code sections were passed into law in March of 2010 as part of H.R. 2847, a job creation bill known as the HIRE Act. The law attempts to ensure that U.S. persons don't move money abroad without paying any taxes owed on it to the U.S. government.
