Lawmaker seeks to investigate Obama’s foreign tax compliance law

A congressional panel is planning to examine President Obama’s signature foreign asset reporting law that aims to target offshore tax evasion, Rep. Mark Meadows (R-N.C.) told The Hill Extra.

The Foreign Account Tax Compliance Act (FATCA) requires that foreign financial institutions and other related entities report to the IRS certain foreign accounts held by U.S. taxpayers. The penalty for foreign institutions that fail

FULL ARTICLE http://thehill.com/policy/finance/298130-lawmaker-seeks-to-investigate-obamas-foreign-tax-compliance-law

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