August 28, 2024 › Tranquility Consulting

Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) is a crucial federal law designed to combat tax evasion by U.S. taxpayers holding financial assets outside the United States. Enacted as part of the HIRE Act of 2010, FATCA mandates foreign financial institutions (FFIs) to report the financial accounts of U.S. citizens to the Internal Revenue Service […]

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