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What does foreign account tax compliance act mean?

Definitions for foreign account tax compliance act
for·eign ac·count tax com·pli·ance act

This dictionary definitions page includes all the possible meanings, example usage and translations of the word foreign account tax compliance act.

Wikipedia

  1. Foreign Account Tax Compliance Act

    The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report the assets and identities of such persons to the U.S. Department of the Treasury. FATCA also requires such persons to report their non-U.S. financial assets annually to the Internal Revenue Service (IRS) on form 8938, which is in addition to the older and further redundant requirement to report them annually to the Financial Crimes Enforcement Network (FinCEN) on form 114 (also known as 'FBAR'). Like U.S. income tax law, FATCA applies to U.S. residents and also to U.S. citizens and green card holders residing in other countries. FATCA was the revenue-raising portion of the 2010 domestic jobs stimulus bill, the Hiring Incentives to Restore Employment (HIRE) Act, and was enacted as Subtitle A (sections 501 through 541) of Title V of that law. According to the IRS, "FFIs that enter into an agreement with the IRS to report on their account holders may be required to withhold 30% on certain payments to foreign payees if such payees do not comply with FATCA." The U.S. has yet to comply with FATCA itself, because as of 2017, it has not yet provided the promised reciprocity to its partner countries and it has failed to sign up to the Common Reporting Standard (CRS). FATCA has also been criticised for its impacts on Americans living overseas, and implicated in record-breaking numbers of U.S. citizenship renunciations throughout the 2010s. Bills to repeal FATCA have been introduced in the U.S. Senate and House of Representatives.

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Numerology

  1. Chaldean Numerology

    The numerical value of foreign account tax compliance act in Chaldean Numerology is: 1

  2. Pythagorean Numerology

    The numerical value of foreign account tax compliance act in Pythagorean Numerology is: 5

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"foreign account tax compliance act." Definitions.net. STANDS4 LLC, 2024. Web. 23 Apr. 2024. <https://www.definitions.net/definition/foreign+account+tax+compliance+act>.

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