Tag Archive for FATCA Intergovernmental Agreements

Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreements

IRS - FATCA Intergovernmental Agreements

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. FFIs are encouraged to either directly register with the IRS to comply with the FATCA regulations (and FFI agreement, if applicable) or comply with the FATCA Intergovernmental Agreements (IGA) treated as in effect in their jurisdictions.

For access to the FATCA regulations and administrative guidance related to FATCA and to learn about taxpayer obligations please visit the Internal Revenue Service FATCA Page.

In order to see the list of countries who have “in force” agreements with the United States IRS, you can view the list here.

 

Written by | Posted in FATCA Intergovernmental Agreements • IRS

Foreign Financial Institutions To Report U.S. Taxpayers Bank Information: FATCA Intergovernmental Agreements

U.S. Department Treasury

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.

FFIs are encouraged to either directly register with the IRS to comply with the FATCA regulations (and FFI agreement, if applicable) or comply with the FATCA Intergovernmental Agreements (IGA) treated as in effect in their jurisdictions.

For jurisdiction status on intergovernmental agreements and relayed agreements and date jurisdiction agreements are treated as having an IGA in effect read below:

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Written by | Posted in FATCA • Foreign Bank Accounts