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'Inevitable glitches' ahead for U.S. anti-tax evasion law: IRS
Reuters: A new U.S. anti-tax evasion law, set to take effect on July 1, will encounter "inevitable glitches," said the head of the U.S. Internal Revenue Service on Monday, adding that the IRS will be sympathetic to banks doing their best to comply.
The Foreign Account Tax Compliance Act (FATCA) will require foreign banks, insurers and investment funds to send the IRS information about Americans' offshore accounts worth more than $50,000. Banks failing to comply could effectively be frozen out of U.S. capital markets.
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