The New York Times spoke with Mark D. Allison concerning a bilateral agreement between the United States and France to help combat global tax evasion. The agreement is the latest effort by U.S. authorities to further enforce FATCA and eventually have stricter global rules on tax disclosures by banks and financial institutions. For more on the story, please visit The New York Times' website.
Excerpt taken from the article.
Mark D. Allison, a tax specialist with the Caplin & Drysdale law firm in New York, said that the I.R.S. is now actively pursuing similar agreements with more than 20 other countries.
Financial institutions are making their own preparations, often at the cost of millions of dollars. "There has been a reluctant resignation by financial institutions as the reality has sunk in that FATCA will move forward," Mr. Allison said Thursday.
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