New law expands IRS surveillance on Americans overseas

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A conservative American attorney who has previously taken cases to the United State Supreme Court and won says he plans on pursuing a fight against a new federal tax law expected to go into effect later this year.The Washington Times reported on Monday this week that lawyer Jim Bopp is putting in motion a plan to challenge the Foreign Account Tax Compliance Act, or FATCA, which once enacted on July 1 will require foreign banks and other financial institutions to report to the US government information about accounts registered to Americans worth more than $50,000.Earlier this month, the IRS said it will implement the law throughout a grace period starting in July and stretching through 2015. Once fully enforced, however, the US may rely on FATCA to fine foreign governments who fail to comply, and take as much as 30 percent of whatever is held in those personal accounts.

For full report read ….. http://rt.com/usa/157140-bopp-scotus-fatca-tax/

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