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HERE I AM Book 2 Year 2 Topic: Theme: Belonging Baptism/Confirmation w w w. S DC. M e. UK NAME: DATE: CLASS: YEAR: AN TO JOIN THE F OF J Use the following words to complete the sentences below. Water
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FATCA (Foreign Account Tax Compliance Act) is a United States federal law that aims to prevent tax evasion by US persons through the use of offshore accounts.
Financial institutions and individuals with foreign financial accounts are required to file FATCA.
FATCA reporting can be done through Form 8938 with the IRS or through the electronic portal of the IRS.
The purpose of FATCA is to increase transparency for the IRS in regards to US persons with foreign financial assets and accounts.
Information such as account balances, income, and the value of foreign assets must be reported on FATCA.
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