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LCC FACTS & FIGURES 200910 13th Edition 5000 4500 4000 3500 3000 2500 2000 1500 1000 5000200506200607200708200809200910State Allocated FTE24162420247425232531Actual State FTE23092378237830043749Grand
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f a c t stands for Foreign Account Tax Compliance Act. It is a US law that requires foreign financial institutions to report information about accounts held by US taxpayers to the IRS.
Foreign financial institutions are required to file f a c t.
f a c t reporting is done electronically through the IRS FATCA Registration System.
The purpose of f a c t is to prevent tax evasion by US taxpayers using foreign accounts.
Information such as the account holder's name, address, taxpayer identification number, account balance, and income generated from the account.
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