What is FATCA? The Foreign Account Tax Compliance Act - commonly referred to as FATCA - requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts and income held by U.S. citizens on foreign accounts with more than $50,000. It also increases the due diligence and reporting by U.S. banks and financial institutions.
Those that don’t comply could be frozen out of U.S. markets and also be subject to a 30% withholding tax on certain types of U.S.-sourced payments, including interest and dividends.
Download our complimentary ebook, What You Need to Know NOW About FATCA, and learn about:
- Why FATCA is having a major impact on financial institutions (U.S. and foreign) and U.S. citizens all over the world who hold foreign bank accounts.
- The new FATCA withholding regime and other reporting requirements.
- Alternative Model Inter-Governmental Agreements (IGAs).
- CDOT and CRS-Extension of FATCA to other countries.
- Implementation timelines.
With the majority of FATCA filings containing some sort of error, you need to be informed to be in FATCA compliance! Download our ebook today by completing the form.