September 1, 2010: Center for Freedom and Prosperity (CF&P) and Coalition for Tax Competition (CTC)
Center for Freedom and Prosperity (CF&P) and Coalition for Tax Competition (CTC) jointly submitted comments to the Department of the Treasury and to the Internal Revenue Service (IRS).
CF&P and CTC commented that a FATCA cost-benefit analysis should be completed in order to fully understand the scope and reach of the legislation. CFP believes this legislation will ultimately cause foreign entities to divest of their US investments as well as place an undue, and potentially unmanageable, compliance burden on these entities. They also requested a safe harbor for protection from criminal and civil penalties for financial institutions that are unaware of wrongdoing regarding the tracking and reporting of U.S. accounts.
A copy of the letter, as originally published by Tax Analysts, is attached.
Contact FATCA Leader for further information.