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Buy-side firms in the U.S. need to focus on new tax laws governing foreign financial assets and offshore accounts, say two PricewaterhouseCoopers (PwC) partners.
The U.S. Foreign Account Tax Compliance Act (FATCA) covers tax compliance for foreign financial assets and offshore accounts. The law requires taxpayers with foreign financial assets that exceed specified thresholds to report the assets to the Internal Revenue Service (IRS). The FATCA law will also require foreign financial institutions to report directly to the IRS...
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