What Foreign Account Tax Compliance Act (FATCA) requires
The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions (FFIs) and certain non-financial foreign entities to report information on financial accounts held by U.S. persons, or be subject to a 30% withholding on withholdable payments under Chapter 4 of the Internal Revenue Code. It also requires U.S. persons to report specified foreign financial assets exceeding certain thresholds on Form 8938.
Pillar: Tax & Transfer Pricing · Authority: Internal Revenue Service · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title26/html/USCODE-2022-title26-chap4.htm
SHA-256 integrity: df017c85d60ba628a27e4942d5f37e45e0d3a9d213a43a2752db946c14ddabfa
Primary Citations — 5 traced to source
- Foreign Account Tax Compliance Act (FATCA) - Requirement for foreign financial institutions to report on U.S. account holders
- Foreign Account Tax Compliance Act (FATCA) - Withholding on withholdable payments to non-compliant foreign financial institutions
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