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JICL Presents Oct. 22 Symposium on Foreign Account Tax Compliance Act

On Monday, October 22, the Journal of International Commercial Law (JICL) will present its fall symposium: The Foreign Account Tax Compliance Act: Privacy and Enforcement Challenges & the Implications For Your Client’s Financial Interests.  

The Foreign Account Tax Compliance Act (FATCA) is a new and controversial development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts. Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

The symposium will tackle the international and diplomatic concerns raised by FATCA (like conflict of laws and international reactions), as well as specific implementation and compliance challenges faced by affected industries. The two panels feature representatives from the United States and German governments, as well as FATCA experts from private practice and academia. Please join us for a lively discussion and valuable insight into this complex and controversial piece of legislation.

For more information about the symposium, please visit the JICL website: http://www.georgemasonjicl.org/fall-2012-symposium/.