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1 IMAGE / FORM / MEANING COURSE DESCRIPTION: GRA 3198c Spring, 2014 03 Credit Hours FAC RM. 316 T/R 8:30 11:30 AM Image / Form / Meaning (IFM) will explore what it means for the individual to stretch
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Fa m am stands for Foreign Account Tax Compliance Act (FATCA) and it is a US tax law that requires foreign financial institutions to report information about accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest.
Financial institutions around the world are required to file FATCA reports to the US Internal Revenue Service (IRS).
Financial institutions can fill out FATCA reports through the IRS's online portal or by submitting the required forms directly to the IRS.
The purpose of FATCA is to combat tax evasion by US taxpayers using foreign accounts by requiring foreign financial institutions to report account information to the IRS.
FATCA reports must include information about account holders who are US taxpayers, as well as information about the accounts themselves.
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