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Lifestyles
IRS to Raid Foreign Banks under FATCA Print E-mail
by Tom McGregor    Mon, Jun 2, 2014, 08:03 PM

The U.S. Internal Revenue Service (IRS) has declared war on foreign banks with FATCA. The U.S. federal government can force foreign banks to disclose account information of US citizens and seize their assets.

According to the Houston Chronicle, "It will soon get a lot harder to use overseas accounts to hide income and assets from the Internal Revenue Service. More than 77,000 foreign banks, investment funds and other financial institutions have agreed to share information about U.S. account holders with the IRS as part of a crackdown on offshore tax evasion, the Treasury Department announced Monday."

More Americans are handing over their U.S. Passports to avoid the FATCA trap.

As reported by the Houston Chronicle, "Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include the world's financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas."

The IRS can even force the closure of froeign banks if they refuse to comply with FATCA.

To read the entire article from the Houston Chronicle, link here:

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