Budget amendment SA 621 was introduced as an amendment to repeal the Foreign Account Tax Compliance Act (FATCA). Passed in 2010 and effective in July 2014. This amendment failed today on the floor of the Senate. FATCA has created a storm of controversy over the last year. Many predicted that foreign jurisdictions would not cooperate, but the opposite has been true. With the first exchange deadline approaching (March 31st, 2015), FATCA will begin to make an impact on those Americans with undisclosed offshore accounts, further closing the loop on Offshore Tax Evasion.
Read more about the failed amendment to repeal FATCA
About Five Stone Tax Advisers
Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.
