House Ways & Means Subcommittee Shows Support for Foreign Bank Account Reporting and Tax Compliance

Rep. Richard Neal (D-Mass.) opened the hearing on Foreign Bank Account Reporting and Tax Compliance by discussing the success of the IRS in obtaining information in the UBS case. He said Rangel and he introduced the Foreign Account Tax Compliance Act (HR 3933 and S. 934)(FATCA). He said the bill could be enacted by the end of the year. Neal said that while FATCA “casts a wide net in search of undisclosed accounts and hidden income, it is “carefully balanced.”...(more)