Latest Attempt to Repeal FATCA Fails

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 31^st, 2015), FATCA will begin to make an impact on those Americans with undisclosed offshore accounts, further closing the loop on Offshore Tax Evasion.

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.

by Five Stone Tax

Five Stone Tax is America’s trusted tax adviser, offering full-service tax solutions with the goal of making sure all of our clients pay the lowest amount of taxes legally possible. As the most effective tax representation company in America, our team consists of the best Property Tax Consultants, Tax Attorneys, Enrolled Agents, case managers, and administrators in the industry.