US Treasury updates FATCA rules to ease burden

It said some foreign countries could comply with the Foreign Account Tax Compliance Act (FATCA) regulations by collecting required financial data and forwarding it to US authorities. Under its original proposals, financial institutions, not their governments, were tasked with collecting and reporting the data. FATCA requires new disclosures to the US Internal Revenue Service about where offshore accounts are held by US clients. It will force individual investors in funds holding any US assets to prove they are not US citizens or face a 30% witholding tax on US-sourced returns. T...