FATCA Information Circular to the Industries

Background

The Foreign Account Tax Compliance Act ("FATCA") was enacted in 2010 by US Congress to target non-compliance by US taxpayers holding investments in non-US accounts.

It is an important development in U.S. efforts to improve tax compliance by persons holding foreign financial assets and offshore accounts. Under FATCA, U.S. taxpayers who hold specified foreign financial assets that exceed certain thresholds must report those assets to the IRS.