The Guadalajara Reporter

IRS still looking at foreign accounts, Obamacare raises questions

While most big tax changes happened last year, late filers still need to keep in mind foreign bank accounts are continuing to come under the watch of the IRS, said Scott Graville of Taxes in Mexico.

The Foreign Account Tax Compliance Act (FATCA), which is part of the 2010 Hiring Incentives to Restore Employment Act (HIRE), requires foreign financial institutions, like those in Mexico, to report to the Internal Revenue Service about their American clients.

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