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IRS asks the tax community for comments on how best to implement provisions of the Foreign Account Tax Compliance Act, recently signed into law under jobs legislation, that require extensive new reporting and disclosure on the ownership of U.S. assets in foreign banks. The request, in Announcement 2010-22, is the first formal communication from IRS to taxpayers since the provisions were enacted as part of the Hiring Incentives to Restore Employment Act. Stakeholders, meanwhile, say IRS is likely to receive numerous comments in response to its request, with a major focus on the definition of foreign financial institutions that will be subject to the reporting and the procedures banks must use to identify account holders with U.S. assets.
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