WASHINGTON, D.C. (DECEMBER 5, 2011)
BY MICHAEL COHN, ACCOUNTING TODAY
The Internal Revenue Service has reportedly backed away from plans to heavily penalize U.S. citizens and dual citizens living in Canada who may not have paid all of their taxes.
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The plans to assess heavy penalties against taxpayers had been causing consternation north of the border. They stemmed from the Foreign Account Tax Compliance Act, or FATCA, which was included last year as part of the HIRE Act (see FATCA Isn't Just for Fat Cats).