FATCA (FOREIGN ACCOUNT TAX COMPLIANCE ACT) Requires foreign banks to find all American Account holders and disclose their balances and other relevant information to the IRS If foreign banks fail to report to the IRS, it would be subject to a 30% withholding tax on income from US financial assets Account holders would be subject to a 40% penalty on understatements of income in an undisclosed foreign financial asset American Citizens Abroad, an organization based in Geneva representing the interest of Americans living abroad has launched a campaign to repeal FATCA 12
{"Image DocumentName": "FATCA (Foreign Account Tax Compliance Act)", "Image ImageDescription": "Requires foreign banks to find all American Account holders and disclose their balances and other relevant information to the IRS. If foreign banks fail to report to the IRS, it would be subject to a 30% withholding tax on income from US financial assets. Account holders would be subject to a 40% penalty on understatements of income in an undisclosed foreign financial asset. American Citizens Abroad, an organization based in Geneva representing the interest of Americans living abroad has launched a campaign to repeal FATCA. Enacts Chapter 4 of the HIRE Act and makes modifications to Internal Revenue code of 1986.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}