The Foreign Account Tax Compliance Act (FATCA) is a legal term of US law that has initiated the world’s bank and federal economy, used by social control agent of the inner Revenue Service. FATCA is an important development in the U.S., use to tax combat elusion by U.S. persons holding accounts and other financial assets offshore. The Assets Department and the IRS continue to evolve guidance concerning FATCA. For current and more in-depth information, please visit FATCA.
The primary objective of QBE Solutions is to provide FATCA’s legal rule and regulations that force International and Indian banks to review their shopper records annually and assure their compliance with an Act. There are serious penalties for not reporting these financial assets. Under FATCA, taxpayers holding financial assets outside the U.S. must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets.
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FATCA will also require certain foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. The reporting institutions will include not only banks, but also other financial institutions, such as investment entities, brokers, and certain insurance companies. Some non-financial foreign entities will also have to report certain of their U.S. owners.
FATCA provides special required documents about the U.S. account holders of certain financial institutions that do not ask business outside their country of organization. In order to qualify for this favorable treatment, however, the local foreign financial institution cannot distinguish by declining to open or maintain accounts for U.S. citizens who reside in the country where it is organized.