Reaction to UBS Debacle: Tough New Foreign Tax Laws
In the wake of the UBS tax evasion debacle, a bill combining proposals from the U.S. House, the Senate and the Obama administration is getting attention in legal and financial circles for the effects -- some unintended -- the legislation could have as it attempts to prevent the use of overseas accounts to hide taxable assets. The Foreign Account Tax Compliance Act of 2009 would provide the Treasury Department with significant new tools to find and prosecute Americans who hide assets overseas from the IRS.
