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American Bar Association Section of Taxation Committee on U.S. Activities of Foreigners and Tax Treaties FATWA for Those on This Side of the Ocean/Border Phoenix, AZ January 24, 2014, Moderator: Edward
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How to fill out fatca for those on

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How to fill out FATCA for those on:

01
Start by gathering all the necessary documents and information. This includes your personal identification information, such as your full name, date of birth, and social security number. You will also need to provide your foreign financial institution's name, address, and account number.
02
Understand the different forms and requirements. FATCA requires individuals to fill out certain forms depending on their classification. If you are an individual taxpayer, you will need to fill out Form 8938, which is the Statement of Specified Foreign Financial Assets.
03
Determine if you meet the threshold requirements. FATCA requires individuals to report their foreign financial assets if they exceed certain thresholds. The thresholds vary depending on your filing status and where you live. It is crucial to review the threshold requirements to see if you are required to report your foreign financial assets.
04
Complete the necessary forms accurately. Take your time to carefully fill out all the required information on the forms. Ensure that you provide accurate and up-to-date information.
05
Attach any supporting documentation. Depending on your situation, you may need to attach additional documents to support your FATCA reporting. This could include statements from your foreign financial institution or any other relevant documents.

Who needs FATCA for those on:

01
U.S. citizens or residents: If you are a U.S. citizen or resident, you are required to comply with FATCA regulations, regardless of where you live or where your financial assets are held. This includes individuals residing overseas or holding foreign financial accounts.
02
Non-U.S. entities with U.S. connections: FATCA also applies to certain non-U.S. entities that have U.S. connections. This includes foreign financial institutions, investment funds, and other entities that are engaged in financial activities and have U.S. clients or investments.
03
U.S. taxpayers with foreign financial assets: If you are a U.S. taxpayer with foreign financial assets that meet or exceed the threshold requirements, you are required to report these assets under FATCA. These assets can include bank accounts, investment accounts, and certain other financial instruments held outside of the United States.
In summary, to fill out FATCA for those on, gather all necessary documents, understand the requirements, determine if you meet the threshold requirements, complete the forms accurately, and attach any required supporting documentation. FATCA applies to U.S. citizens or residents, non-U.S. entities with U.S. connections, and U.S. taxpayers with foreign financial assets that meet the threshold requirements.
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FATCA stands for Foreign Account Tax Compliance Act, it requires US persons, including individuals and businesses, to report their foreign financial accounts to the IRS.
US persons, including individuals and businesses, are required to file FATCA.
FATCA can be filled out electronically using the IRS FATCA Online Registration System.
The purpose of FATCA is to prevent tax evasion by US persons using foreign accounts.
Information such as account balances, interest, dividends, and other income must be reported on FATCA.
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