A Short Guide To FATCA

Law360, New York (March 15, 2011, 1:11 PM EDT) -- The U.S. government’s efforts to combat tax evasion have culminated in the Foreign Account Tax Compliance Act (FATCA), which mandates that a foreign financial institution (FFI) identify U.S. taxpayers with accounts at the FFI worldwide or suffer a 30 percent withholding on certain U.S.-sourced income payments (withholdable payments) to the FFI. In other words, FATCA would require FFIs to obtain and report information on its accounts used in whole or in part by U.S. taxpayers (“U.S. Accounts”) to the IRS.

Although FATCA will begin enforcement in...
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