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TAX REPORTING SUITE MODULE FATWA VERSION 1807USERSS MANUALPublished: July 2018For the latest information and to leave feedback, please visit Vogel Services at http://www.section11.ch or https://www.trsuite.ch2 The
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The Foreign Account Tax Compliance Act (FATCA) is a tax law enacted by the United States that requires foreign financial institutions to report information about accounts held by US taxpayers or by foreign entities owned by US taxpayers.
Foreign financial institutions and certain non-financial foreign entities are required to file FATCA reports.
FATCA reporting is typically done through the IRS's online portal, by submitting Form 8966, and providing the required information about reportable accounts and entities.
The purpose of FATCA is to combat tax evasion by US taxpayers using foreign accounts and entities to hide assets and income from the IRS.
FATCA reports must include information about reportable accounts, such as the account holder's name, address, and US TIN, as well as the account balance and income.
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