Danilack Says IRS Hopes to Ease Foreign Bank Fears About FATCA Impact

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IRS Large Business and International Division Deputy Commissioner (International) Michael Danilack says his agency hopes to calm the fears of foreign financial institutions that are denying accounts to U.S. citizens as a result of the Foreign Account Tax Compliance Act. The nine-month-old measure, which broadly requires foreign banks to disclose their U.S. accounts to IRS, will not take effect until Jan. 1, 2013, and the guidance surrounding the new law is still in process, Danilack says at an IRS/GWU tax conference.