A Look at FATCA (Foreign Account Tax Compliance Act)
July 15, 2014 - The FATCA is at last here after a period of 4 years, initially developed in 2010 as an approach to make America’s corporations and private individuals stop evading America’... July 15, 2014 - The FATCA is at last here after a period of 4 years, initially developed in 2010 as an approach to make America’s corporations and private individuals stop evading America’s taxes by depositing their money into their accounts in foreign countries. The act requires foreign banks and foreign financial institutions to inform about every American who owns an account and even to hold back money from those particular clients who are suspected of tax evasion to the Internal Revenue Service (IRS) in the United States. The IRS and Treasury have important FATCA projects to complete. The IRS still has to bring up to date its withholding agreements for Withholding Foreign Trusts and Withholding Foreign Partnerships to depict FATCA, which it has guaranteed for July. In addition, there are num...