In a recent press release, the Internal Revenue Service has clarified the reporting rules relating to family members of a client with a private banking account at a foreign bank under the Foreign Account Tax Compliance Act ("FACTA"). Such family members do not need to be reported by covered foreign financial institutions unless they have an account linked to a covered client's account through a private banking relatioship. See, IRS OFFICIALS SHED LIGHT ON FATCA'S FAMILY MEMBER LINKING CONCEPT, 2011 TNT 87-1.
Posted by Isaac Pflaum, Associate Editor, Wealth Strategies Journal.
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