M. Robinson & Co writes about how to respond when a foreign bank asks your client to provide information that the bank is not required to provide IRS under FATCA. There are two possibilities. Your client can provide the information or your client can choose not to provide the information. How should you advise your client?  M. Robinson’s article begins its analysis as follows:

There is often a spectrum of ethical ways to handle any given tax issue. Here are some of the principles used by seasoned and ethical tax lawyers.Is the client being asked to violate a black letter law that is directed to the client?

  • Is the client being asked to enter into a conspiracy with a third party whereby the third party will provide less information (or less taxes) than otherwise required of the third party under black letter law?
  • Is there any downside to the client’s decision, other than legal fees?
  • What choice will result in the lowest likely fee to the client.
  • The client ultimately decides.

Read full article at Dealing with Erroneous FATCA Inquiries | M. Robinson & Company, P.C. – JDSupra.


Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.