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Foerign Account Tax Complianc Act (FATCA)

posted Oct 3, 2014, 10:31 PM by Zaher Fallahi   [ updated Oct 24, 2014, 11:08 PM ]

What is FATCA?  Foreign Account Tax Compliance Act (FATCA) http://www.zflegal.com/services/foreign-account-tax-compliance-act-fatca  was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts.  FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.  The US has been negotiating signing intergovernmental agreements (IGA) with many countries in an effort to obtain information about the US persons financial accounts in those countries. As of today, the following are the countries that have signed IGA or joint statements with the US:

What countries have participated?

As of today, October 3, 2014, over 100 countries and jurisdictions, and over 77,000 financial institutions, have signed some type of Intergovernmental Agreement (IGA) with the US and will be reporting their US persons’ financial accounts information to the IRS, subject to certain limited exceptions. 

Here is the list of countries participated in FATCA

http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx

Zaher Fallahi, CPA has specialized as Orange County Dental CPA and Doctor’s CPA, and Los Angeles Dental CPA and Doctor’s CPA since 1992. Los Angeles (310) 719-1040 and Orange County ( 714) 546-4272 or e-mail : taxattorney@zfcpa.com

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