Instead of complying with the U.S. Foreign Account Tax Compliance Act, foreign banks are turning away and closing accounts with American who park their money offshore in order to avoid paying taxes. Banks technically don’t have to stop doing business with Americans, but complying with the act, which includes reporting everything from savings accounts and up, could cost banks millions each year. Instead of charging Americans higher fees to offset the costs, banks are choosing to sever accounts.
The IRS still has the authority to impose fines on nonfilers.
Insurers have may defenses. One problem: The bad guys know about the defenses.
The law affects access to policy loans for insureds who are getting LTC-related accelerated death benefits.
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