FATCA - Overview

The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts.

Under FATCA, U.S. taxpayers holding financial assets outside the United States will report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. See summary of key FATCA provisions.

The purpose of this group will be to review implementation concerns surrounding the proposed Foreign Account Tax Compliance Act (FATCA) rules. This group focuses on the changes and implementation challenges regarding client on-boarding, reporting and withholding.

Chair

Audrey Meyer, Bank of America Merrill Lynch