Foreign Retirement Plans Seen Scrutinized in U.S. Effort: Taxes
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A U.S. tax crackdown is coming for foreign retirement plans.
The U.S. has been pushing banks and individuals to report overseas assets, making it tougher to hide money abroad with new rules and penalties rolling out under the 2010 Foreign Account Tax Compliance Act, known as Fatca. The next wave of scrutiny will cover retirement accounts, Bloomberg BNA reported.