This law requires any bank in the world with American clients to - TopicsExpress

This law requires any bank in the world with American clients to report certain financial details about those Americans to the IRS. It is an onerous requirement, with compliance costing banks an estimated $7,000 per client and costing American expats an average $4,000. If banks don’t comply and are found to be in violation of the law, they will be subject to 30% withholding tax. Banks can save themselves the headache by simply closing the accounts of Americans and not accepting deposits from Americans in the future.

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