FATCA
Government & Politics abbreviation · US Law
| Stands for | Foreign Account Tax Compliance Act |
|---|---|
| Categories | Government & Politics |
FATCA stands for Foreign Account Tax Compliance Act, a US law abbreviation also used in business.
Requires foreign banks and other financial institutions to report accounts held by US taxpayers to the IRS or face 30 percent withholding on certain US payments, and requires Americans with significant foreign assets to report them on Form 8938.
Example: The Swiss bank asked for her US tax ID because of FATCA reporting rules.
Usage notes
Enacted in March 2010 as part of the HIRE Act, it is implemented largely through intergovernmental agreements with more than 100 countries. Because of the compliance burden, some foreign banks have declined to serve US citizens living abroad. It operates separately from the FBAR foreign account report filed with FinCEN.
Related abbreviations
More US law abbreviations
- EMTALA – Emergency Medical Treatment and Active Labor Act
- EPA – Equal Pay Act of 1963
- ERISA – Employee Retirement Income Security Act
- ESA – Endangered Species Act
- ESEA – Elementary and Secondary Education Act
- ESSA – Every Student Succeeds Act
- FCPA – Foreign Corrupt Practices Act
- FCRA – Fair Credit Reporting Act
- FDCA – Federal Food, Drug, and Cosmetic Act
- FDCPA – Fair Debt Collection Practices Act
- FECA – Federal Election Campaign Act
- Fed. Reg. – Federal Register