Source: Date: Updated: |
TheBahamasInvestor.com
Thursday, July 14, 2011 Thursday, July 14, 2011 |
Financial institutions must get up to speed on their US accounts before stringent accounting regulations come into force in 2013 or face serious penalties, according to tax attorney Ryan Pinder.
The Foreign Account Tax Compliance Act (FATCA) comes into force January 1, 2013, and will require foreign financial institutions (FFIs) to disclose information on all their US clients.