Day Pitney: FATCA: Five Years Later

It’s been five years since the Foreign Account Tax Compliance Act (FATCA) became law and while the intentions were good – to crack down on those hiding money offshore and avoiding taxes, compliance comes at a price for individuals and corporations. "The upside of FATCA is that it is forcing tax cheats out of the shadows and keeping more money in the U.S. But for those living abroad, we have yet to see a positive impact from FATCA.," says David McKeegan, founder of Greenback Expat Tax Services, which prepares U.S. federal tax returns and consulting for Americans living abroad.

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