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FATCA Update

Posted by: Zaher Fallahi
Posted On: Jun 28, 2014

What is FATCA?  Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts.  FATCA requires foreign financial institutions (FFIs) to report 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 US has been negotiating signing intergovernmental agreements (IGA) with many countries in an effort to obtain information about the US persons financial accounts in those countries. As of today, the following are the countries that have signed IGA or joint statements with the US:

What countries have participated?

As of today, July 1, 2014, about 98 countries and jurisdictions have signed some type of Intergovernmental Agreement (IGA) with the US and will be reporting their US persons’ financial accounts information to the IRS, subject to certain limited exceptions.

Here is the list of countries participated in FATCA  http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx

For assistance with tax preparation, tax planning, IRS representation, disclosing undeclared foreign bank accounts (offshore voluntary disclosure program, OVDP), report of foreign bank & financial accounts (FBAR, Foreign Account Tax Compliance Act (FATCA), contact  Zaher Fallahi, Tax Attorney, CPA at (310) 719-1040 (Los Angeles), ( 714) 546-4272 (Orange County) or e-mail : taxattorney@zfcpa.com