The foreign account tax compliance act fatca which was passed as part of the hire act generally requires that foreign financial institutions and certain other non financial foreign entities report on the foreign assets held by their us account holders or be subject to withholding on withholdable payments. Fatca is a law that came out of obamas government to help the us find citizens who were hiding money or assets in foreign countries the law does not affect 99 of americans an example of how it works im a us business making a payment to. Find answers to frequently asked questions about foreign account tax compliance fatca certification consists of one or more series of questions that the responsible officers of certain entities must answer and submit to the irs to confirm the entities compliance with the requirements of fatca q14 form 8957 foreign account tax . The foreign account tax compliance act fatca is a 2010 united states federal law requiring all non us foreign financial institutions ffis to search their records for customers with indicia of a connection to the us including indications in records of birth or prior residency in the us or the like and to report the assets and identities of such persons to the us department of the . The republicans propose a repeal of fatca and a move to end citizenship based taxation and to replace it with the first world standard of residence based taxation the two policies are complete and utter insanity in harmony fatca is a monstrosity
How it works:
1. Register a Free 1 month Trial Account.
2. Download as many books as you like ( Personal use )
3. No Commitment. Cancel anytime.
4. Join Over 100.000 Happy Readers.
5. That's it. What you waiting for? Sign Up and Get Your Books.