Government to Work on FATCA Guidance Before Foreign Bank Pacts

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The Treasury Department and IRS are planning to issue more guidance under the Foreign Account Tax Compliance Act before crafting the agreement that foreign financial institutions would have to enter into with the U.S. government in order to comply with the statute, Treasury officials say. They explain the agencies are working on a host of other issues in implementing the new law, which imposes broad new requirements for foreign financial institutions to disclose U.S.-owned accounts to U.S. tax authorities.