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The Commonwealth of MassachusettsExecutive Office of Energy and Environmental Affairs Massachusetts Department of Environmental Protection Winter street Boston, Massachusetts 02108Natural Resource
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f a c t stands for Foreign Account Tax Compliance Act, which is a United States federal law that requires foreign financial institutions to report on the financial accounts of their US customers to the Internal Revenue Service (IRS).
Foreign financial institutions are required to file f a c t.
f a c t can be filled out electronically through the IRS FATCA registration system.
The purpose of f a c t is to prevent tax evasion by US citizens who hold financial accounts in foreign countries.
f a c t requires reporting on the balances, income, and withdrawals of US citizens' foreign financial accounts.
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