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IRS unveils guidance (Notice 2011-53) detailing how the Foreign Account Tax Compliance Act will be implemented in phases beginning in June 2013. Although the act, which is meant to curb noncompliance by U.S. taxpayers through foreign accounts, is set to take effect at the beginning of 2013, the agency decides to phase in the various provisions because comments from the industry demonstrated that the provisions of the law require significant modifications to the information management systems of foreign financial institutions, withholding agents and IRS.
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