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BNA Tax and Accounting editors detail the withholding and reporting requirements of the Foreign Account Tax Compliance Act, which imposes a number of requirements on foreign financial institutions and U.S. businesses that make payments to different classes of foreign entities. During 2012, the rules evolved quite quickly, with proposed regulations and model agreements for foreign governments to participate in simplifying some processes (and several signed agreements), as well as various changes to required due dates for compliance. Inspired by discoveries of U.S. persons evading tax by using foreign bank or financial accounts, as well as shell entities, Congress enacted FATCA in 2010. It is intended to obtain information about foreign institutions’, vendors’, and service providers' U.S. account holders or U.S. owners.
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