Wealth managers and family offices are figuring out the best way to respond to recent and potential rule changes as tax season arrives. One of the new challenges comes from the recent implementation of the Foreign Account Tax Compliance Act and banks taking steps to sever relationships with U.S. taxpayers holding offshore financial accounts.
"The onerous penalties that firms who are in noncompliance will be subject to have meant that most wealth managers and family offices subject to [Foreign Bank and Financial Accounts reporting] have rapidly adapted," Mr. Packman said.
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