[This post is the third in a series discussing the Foreign Account Tax Compliance Act (FATCA) and its impact upon foreign investment and development in South Florida and the United States as well as efforts both locally and in other countries to stop FATCA.]
To recap, FATCA was passed as part of President Obama's jobs bill, the HIRE Act of 2010. What FATCA does is attempt to curtail perceived tax evasion through new regulatory requirements on foreign banks and financial institutions. In sum, the federal government has instituted requirements through FATCA that require foreign financial institutions to assist them in identifying U.S. taxable assets in other countries through such things as providing details regarding accounts at their institutions that are held by Americans.
For details about what FATCA is requiring of foreign banks and financial institutions, read the second post in our series.
Please see full article below for more information.
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