The Foreign Account Tax Compliance Act of 2009 (Rangel-Baucus Bill)
January 20, 2010
While the Foreign Account Tax Compliance Act of 2009 (Rangel-Baucus Bill) is only the most recent attempt at targeted tax haven legislation, support for the Bill by the Obama Administration and from within the U.S. Congress itself means that this legislation has a high likelihood of passage. Taxpayers should be aware of the potential new rules regarding cross-border investments and the penalties associated with failure to report assets, transactions and income accordingly.
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