FATCA: US domestic entities must declare assets above USD50,000

The US Treasury has issued long-awaited regulations requiring individuals, firms and trusts to disclose substantial foreign financial assets to the Internal Revenue Service every year. The new rules are effective for tax years starting in 2016 or later. See Reporting of Specified Foreign Financial Assets (REG-144339-14) See www.1.usa.gov/1OOuD17.