Definition
FATCA is a U.S. tax law that requires foreign financial institutions to report information about U.S. account holders to the Internal Revenue Service (IRS) to combat tax evasion.
Related Services
Tax compliance, international banking, and financial advisory services assist businesses and individuals in ensuring FATCA compliance to avoid penalties.
Problem and Application
FATCA compliance can be burdensome for foreign financial institutions, as it requires complex reporting and cross-border coordination.
Conclusion
FATCA is critical for global tax compliance, but its complexity demands careful attention from financial institutions and U.S. taxpayers with foreign accounts.
