2012 marks the beginning of a great endeavor to close loopholes and create a more accurate system for reporting foreign-based taxable income. Earlier this year, the IRS released FATCA regulations in the form of a 388-page document with final regulations and form updates expected by year’s end. The document defined siginifcant changes for U.S. Withholding Agents (USWA) and Foreign Financial Institutions (FFI) over the next five years.
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