As Americans prepare to celebrate Independence
Day, the Internal Revenue Service has unleashed a massive new regulation
under the guise of reducing tax evasion. The Foreign Account Tax
Compliance Act - FATCA - took effect July 1, imposing substantial new
compliance requirements and paperwork burdens on foreign financial
institutions, which must now track the financial activity of U.S.
citizens and report that information to the IRS. While there is scant
evidence that this regulation will add significantly to federal
revenues, there is more than a sinking feeling that the new law
infringes upon the civil liberties of American citizens.
Continue:
http://www.freedomworks.org/content/irs-has-unleashed-massiv...
Continue:
http://www.freedomworks.org/content/irs-has-unleashed-massiv...
