Types of Intergovernmental Agreements and Their Role in FATCA
Since it was rolled out in 2010, FATCA (Foreign Tax Compliance Act) has been a topic of controversy among financial institutions, US citizens abroad and foreign countries. All of these parties are in some way affected by FATCA, its reporting requirements and the consequences imposed by the US government for non-compliance. Although it was designed […]
Penalties For Non-compliance With FATCA
One of the hallmarks of FATCA (Foreign Account Tax Compliance Act) is the way it contains enforcement mechanisms and penalties for non-compliance. Administered by the Internal Revenue Service, there are obvious tax penalties for violations by US citizens, but the enforcement of FATCA’s mandates across international borders targeting foreign financial institutions (FFI) is almost unprecedented. […]
