Midweek Roundup: U.S. to Soften FATCA Burden, Swiss Officials Turn Over Encrypted Client Data, and More

The United States could amend expected requirements under the Foreign Account Tax Compliance Act (FATCA) to address concerns by European nations, the Financial Times reported Monday. During talks in Paris last week, U.S. officials proposed undisclosed changes to the IRS reporting regulations, some of which will be apparent in rules expected to be published this week, the newspaper said. Foreign financial institutions have complained that the law, which requires them to report on their American clients or pay a hefty withholding tax, is overly burdensome. More Swiss officials turned over to the United States encrypted data on Americans suspected of...