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IRS remains focused on timelines and on imposing the least possible burden on taxpayers as it works to implement the new reporting and disclosure requirements for foreign banks under provisions of the Foreign Accounting Tax Compliance Act, Associate Chief Counsel (International) Musher says. With a team in place at both IRS and Treasury, “we're going to be looking for the least burden consistent with compliance goals” in crafting guidance, Musher says during a webcast sponsored by Ernst & Young LLP.
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