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The Foreign Account Tax Compliance Act (FATCA) was designed to help prevent tax evasion by U.S. citizens and taxpayers with offshore financial accounts. In an attempt to identify assets currently earning income outside the United States, the act requires U.S. individual taxpayers to report their foreign accounts, as well as foreign financial institutions to withhold tax on certain types of foreign dealings with U.S. entities. Heavily impacted by this law are U.S. companies doing business globally and financial institutions, however, even U.S. companies without foreign subsidiaries may be impacted by FATCA laws.
Download our Foreign Tax Compliance Guide to find out how the law impacts you, annual reporting requirements and deadlines for compliance.
Also, check out our library of other FATCA resources available to help you navigate your FATCA responsibilities.
Assisting our domestic and global clients in understanding and implementing the Foreign Tax Compliance Act are Doeren Mayhew’s international tax accountants in Michigan, Houston and Ft. Lauderdale. Contact them today for help.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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