Over the past five years the US financial and tax authorities have devoted substantial attention and resources to the issue of US persons (and the financial institutions that serve them) avoiding their tax and reporting
obligations with respect to overseas financial assets. The perceived problems include under-reporting of taxable income and failure to abide by anti-money laundering (AML) and related laws. Several recent developments demonstrate the seriousness with which the US authorities view the matter.
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Reprinted with permission from North American Regional Forum News.