FOREIGN ACCOUNT TAX COMPLIANCE ACT – FATCA

By Kaufman Accounting | February 28, 2020
A close up of a globe on top of money

The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, is an important development in U.S efforts to combat tax evasion by U.S persons holding accounts and other financial assets offshore.  FATCA requires specified U.S. tax payers to disclose their foreign financial assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets.…

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