Tax & Accounting Blog

Banks “Starting to Panic” over FATCA

1042-S, 1099, 6050W, Cost-Basis Reporting, Information Reporting for Wealth Management, International Reporting & Compliance, ONESOURCE, Tax Information Reporting, TIN Compliance, Trust Tax, W-8 & W-9 Foreign Reporting, Withholding Management August 25, 2011 recently released an article stating that banks are now starting to panic over FATCA. According to the European Banking Federation (EBF) and the Institute of International Bankers (IIB), it has been estimated that large banks will have to spend in the region of $250 million each to contact clients and overhaul computer systems to be FATCA compliant.

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