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Foreign Account Tax Compliance Act (FATCA)

Posted by: Zaher Fallahi
Posted On: Mar 07, 2014

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:

 

Joint Statements and Signed Bilateral Agreements

Bilateral Agreement between the US and Chile to Implement FATCA
(3-5-2014)

Bilateral Agreement between the US and Finland to Implement FATCA
(3-5-2014)

Bilateral Agreement between the US and Canada to Implement FATCA
(2-5-2014)

Bilateral Agreement between the US and Hungary to Implement FATCA
(2-4-2014)

Bilateral Agreement between the US and Italy to Implement FATCA
(1-10-2014)

Bilateral Agreement between the US and Mauritius to Implement FATCA
(12-27-2013)

Bilateral Agreement between the US and Bermuda to Implement FATCA
(12-19-2013)

Bilateral Agreement between the US and Malta to Implement FATCA
(12-16-2013)

Bilateral Agreement between the US and the Netherlands to Implement FATCA (12-18-2013)

Bilateral Agreement between the US and Guernsey to Implement FATCA
(12-13-2013)

Bilateral Agreement between the US and the Isle of Man to Implement FATCA (12-13-2013)

Bilateral Agreement between the US and Jersey to Implement FATCA
(12-13-2013)

Bilateral Agreement between the US and the Cayman Islands to Implement FATCA (11-29-2013)

Bilateral Agreement between the US and Costa Rica to Implement FATCA
(11-26-2013)

Bilateral Agreement between the US and France to Implement FATCA
(11-14-2013)

Statement between the US Department of the Treasury and the Authorities of Japan to Implement FATCA (6-11-2013)

Bilateral Agreement between the US and Germany to Implement FATCA
(5-31-2013)

Bilateral Agreement between the US and Spain to Implement FATCA
(5-14-2013)

Bilateral Agreement between the US and Norway to Implement FATCA
(4-15-2013)

Bilateral Agreement between the US and Switzerland to Implement FATCA
(2-14-2013)

Bilateral Agreement between the US and Ireland to Implement FATCA
(1-23-2013)

Bilateral Agreement between the US and Mexico to Implement FATCA
(11-19-2012)

Bilateral Agreement between the US and Denmark to Implement FATCA
(11-19-2012)

Bilateral Agreement between the US and the UK to Implement FATCA
(9-12-2012)

Joint Communiqué on the Occasion of the Publication of the Model Agreement
(7-25-2012)

Joint Statement from the US and Japan (6-21-2012)

Joint Statement from the US and Switzerland (6-21-2012)

Joint Statement from the US, France, Germany, Italy, Spain and the UK
(2-7-2012)

For assistance with Foreign Account Tax Compliance Act (FATCA) including the IRS representation and disclosing your unreported foreign bank accounts, you may contact Zaher Fallahi, Tax Attorney, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to taxattorney@zfcpa.com

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