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October 2012 – Do You (Should You) Care About FATCA?
February 14th, 2013There was a time – until very recently – when a U.S. citizen who maintained a foreign bank account but who didn’t bother to pay the tax on the interest earned on that account had very little to worry about. After all, if the taxpayer himself was not going to report the income, the only other party who knew about the account was the foreign bank itself, and foreign banks don’t send 1099 forms to the IRS. The only way the IRS could ever learn of the account is in the highly unlikely event that a routine audit would uncover the foreign-source income.