Josh Ehrenfeld Quoted in International Adviser About FATCA Exception
In an article published by International Adviser on March 7, 2016, Josh Ehrenfeld provides his insight on the recent exception to the United States' Foreign Account Tax Compliance Act (FATCA) agreed to by the U.S. and Swiss authorities.
As a result of the exception, Swiss accounts held for specific purposes by the lawyers or notaries of U.S. taxpayers are excluded from the scope of FATCA and the clients can remain anonymous. "It's only certain monies and accounts that are protected. And those are accounts that are meant to do traditional things that attorneys hold money for. So escrows for closings, retainers for legal costs and fees. Assets with respect to pending divorce. Security collateral in relation to an ongoing transaction," Ehrenfeld explains. "From that standpoint it's really not that big of a carve out."
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