Blank Rome LLP is pleased to announce that Matthew D. Lee has authored Foreign Account Tax Compliance Act Answer Book 2015, published by Practising Law Institute (PLI).  Mr. Lee’s book provides a detailed analysis of the new international tax compliance regime imposed by the Foreign Account Tax Compliance Act (FATCA), and its impact on foreign financial institutions, withholding agents, and U.S. taxpayers with offshore bank accounts and investments.

In particular, FATCA Answer Book 2015 provides guidance on the myriad obligations imposed by this new law, including due diligence, withholding, and reporting.  FATCA Answer Book 2015 also addresses how financial institutions register with the Internal Revenue Service to become FATCA-compliant and design comprehensive compliance programs now required by FATCA.  In a question and answer format, Mr. Lee walks readers through every aspect of the new FATCA requirements.

In his introduction to the book, Mr. Lee writes, “[i]n 2008, the U.S. government undertook an aggressive effort to dismantle Swiss bank secrecy laws in the hopes of discovering those who were evading U.S. taxes.  The U.S. government’s victory over Swiss banks was not the end of the story, however, as a new U.S. law – the Foreign Account Tax Compliance Act – became effective on July 1, 2014.  The arrival of FATCA represents a new era with respect to offshore banking and investing by U.S. taxpayers and arms the U.S. government with a powerful new tool to detect offshore tax evasion.”

Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, federal tax controversies, and financial institution regulatory compliance. Mr. Lee has significant experience advising financial institutions as to compliance issues involving FATCA and other regulatory regimes, including the Bank Secrecy Act, the USA Patriot Act, and anti-money laundering laws and regulations.  He also has extensive experience in advising U.S. taxpayers regarding foreign bank account reporting (FBAR) obligations, and options for non-compliant taxpayers including the Internal Revenue Service’s Offshore Voluntary Disclosure Program and Streamlined Filing Compliance Procedures.  Mr. Lee also publishes a blog entitled Tax Controversy Watch which covers the latest developments in criminal and civil tax matters.

For more information regarding FATCA Answer Book 2015, please contact Mr. Lee at Lee-M@BlankRome.com or visit PLI’s website here.