First Person: Facing up to Fatca

Foreign Account Tax Compliance Act (Fatca)


The Foreign Account Tax Compliance Act (Fatca) was signed into law by President Obama on March 18, 2010 as part of the Hiring Incentives to Restore Employment Act. The primary purpose of Fatca is to ensure the proper documentation and disclosure of offshore investments by US persons by mandating that foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs) with substantial US ownership provide information to the Internal Revenue Service (IRS) on their US investors and

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