Results for tag: "FATCA"

The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires U.S. taxpayers to report their financial accounts held outside of the United States. It also requires foreign financial institutions to report information about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest. FATCA was enacted in 2010 to combat offshore tax evasion by U.S. taxpayers. The FATCA market is composed of financial institutions, tax advisors, and other service providers that assist with FATCA compliance. These service providers help financial institutions comply with FATCA regulations by providing software, consulting services, and other services. They also help taxpayers comply with FATCA by providing tax advice and filing services. Some companies in the FATCA market include Deloitte, Ernst & Young, KPMG, PwC, and Thomson Reuters. Show Less Read more