foreign account tax compliance act (fatca)
The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires individuals and financial institutions outside the US to report information about American taxpayers' foreign financial accounts to the Internal Revenue Service (IRS). It aims to combat tax evasion by ensuring that US citizens and residents are disclosing their overseas financial assets and income.
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Related Concepts (1)
Similar Concepts
- cross-border tax avoidance
- cross-border tax evasion
- foreign corrupt practices act (fcpa) compliance
- foreign tax credit
- foreign tax credits
- international tax evasion penalties
- international tax treaties
- international taxation
- offshore tax evasion
- tax administration
- tax compliance
- tax compliance measures
- tax planning and compliance
- taxation of foreign income
- taxation of foreign-source income