The Foreign Account Tax Compliance Act of 2009

Senators Baucus and Kerry and Congressmen Rangel and Neal introduced the Foreign Account Tax Compliance Act of 2009 (“Act”). The Act would combat tax evasion by U.S. persons using foreign accounts and foreign trusts, although the Act is broader and would impact certain foreign persons. The Act is based on proposals included in President Obama’s 2010 Budget and on legislation proposed by Senator Carl Levin and Rep. Lloyd Doggett. (See U.S. Congress News Release, October 27, 2009). This article is a very general summary of the complex provisions of the Act...(more)