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FA g Vs April 15, 2012, Second Sunday of Easter 6326 N. Washtenaw Ave. Chicago, IL 60659 Website: www.sttimothychgo.com Tel. 7732626600 & Fax7732629214 Email: sttimothy archchicago.org CONFESSION
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F A G V stands for Foreign Account Tax Compliance Act (FATCA) and the Global Account Tax Compliance Act (GATCA), which are measures aimed at combating tax evasion.
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Financial institutions, such as banks and investment firms, are required to file FATCA reports.
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FATCA reports can be filled out electronically through the IRS FATCA portal.
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The purpose of FATCA is to increase transparency in offshore accounts and prevent tax evasion by US citizens.
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FATCA reports must include information about foreign accounts held by US taxpayers, including balances and income.
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