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FATCA – Foreign Account Tax Compliance Act
The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.
FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts
FATCA focuses on reporting:
- By U.S. taxpayers about certain foreign financial accounts and offshore assets
- By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest
- The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting.
The IRS has finalized the format for automatically exchanging FATCA data with IGA jurisdictions.
The Intergovernmental FATCA XML Schema (version 1.1):
- Is a standard format developed in close cooperation with the OECD
- Captures required information for reporting of FATCA data from both Financial Institutions (FIs) and Host Country Tax Administrations (HCTAs)
- Will be used for automatic exchange with all FATCA jurisdictions
- Uses elements from existing reporting schemas used by the OECD and the European Union to reduce burden on reporting entities
- Uses XML to allow for easier modifications down the road in the event of legislative or regulatory changes in reporting rules
- Will facilitate safe and secure electronic data transmission using the International Data Exchange Service
International Data Exchange Service:
The IRS is finalizing requirements for a Data Exchange service to allow for Financial Institutions (FIs) and Host Country Tax Administrations (HCTAs) to automatically exchange FATCA data with the United States.
The Service will also allow the United States to make reciprocal exchanges where called for by an IGA that is in force.
The International Data Exchange Service:
1. Is based on business requirements collected by a multilateral working group
Serves as a single point of FATCA information delivery for both FIs and HCTAs,
2. May be used for automatic exchange with all FATCA jurisdictions,
3. Is based on readily-available mature technology,
4. Requires both the file being sent (in the Intergovernmental FATCA XML Schema) and the transmission pathway to be encrypted, ensuring the security of tax data
5. Can be accessed either through a Browser-Based or a Scheduled Bulk Data Transfer environment.
The United States government has recovered over $5 billion due to international recovery efforts of taxpayers evading, hiding or not reporting monies on their tax returns.
If you are having any issues whatsoever contact us today and get expert tax representation for these matters are situations.
FATCA Help, Representation – Expert Tax Attorneys, Lawyers, Former IRS – FACTA Experts
