Foreign Accounts Tax Compliance Act
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Foreign Accounts Tax Compliance Act

Who is responsible for reporting foreign accounts? Entities that don’t comply with FATCA are subject to 30% withholding. FATCA is about disclosing accounts, not about collecting taxes. What are the key participants? Who is required to certify? Foreign financial institutions Non-financial foreign entities Withholding agents US taxpayers, form 8938 irs.gov/FATCA is where entities register to…