Foreign Account Tax Compliance Act (FATCA) |
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The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts.
Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting will be made on Form 8938, which taxpayers attach to their federal income tax return, starting this tax filing season.
In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
Information for U.S. Taxpayers
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Information for Foreign Financial Institutions
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- "Summary of Key FATCA Provisions"
- News Release - Treasury, IRS Issue Proposed Regulations for FATCA Implementation
Proposed Regulations (02-08-12)
- Proposed Regulations - Reg-121647-10 Regulations Relating to Information Reporting by Foreign Financial Institutions and Witholding on Certain Payments to Foreign Financial Institutions and Other Foreign Entities
- News Release — (IR-2011-76, 7/14/2011) "Treasury and IRS Issue Guidance Outlining Phases Implementation of FATCA Beginning in 2013."
- Notice 2011-53 — Chapter 4, "Implementation Notice," describes the timeline for the implementation of FATCA and discusses matters that will be addressed in regulations by Treasury and the IRS.
- Notice 2011-34 — "Supplemental Notice to Notice 2010-60, Providing Further Guidance and Requesting Comments on Certain Priority Issues Under Chapter 4 of Subtitle A of the Code"
- Notice 2010-60 — "Notice and Request for Comments Regarding Implementation of Information Reporting and Withholding Under Chapter 4 of the Code," IRB 2010-37, dated September 13, 2010.
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Page Last Reviewed or Updated: February 08, 2012
