Foreign Account Tax Compliance Act (FATCA): Definition and Rules скачать в хорошем качестве

Foreign Account Tax Compliance Act (FATCA): Definition and Rules

The Foreign Account Tax Compliance Act (FATCA) requires U.S. citizens living at home or abroad to file annual reports on any foreign account holdings and pay any taxes owed on them with the goal of stopping tax evasion. The tax revenues brought in by the FATCA pay for the business incentives introduced in the 2010 HIRE Act. Form 8938 is used to report any foreign account holdings and there are serious penalties for not reporting them. U.S. residents who do not report their foreign account holdings over $50,000 in any given year are subject to steep penalties. Critics of FATCA claim that it places an unfair burden on foreign banks and financial institutions that are expected to report on the assets of their customers. 41d1