The U.S. FATCA Statute and Regulatory Requirements Rules: What Are the Implications in Your Country?

CONSULEGIS Tax & Accounting Meeting

On January 20, 2022, Bob Adler and Doug Schwartz presented “The U.S. FATCA Statute and Regulatory Requirements Rules. What Are the Implications in Your Country?” during CONSULEGIS’s virtual Tax & Accounting practice group meeting. FATCA is the U.S. statute which requires disclosure of foreign accounts held by U.S. taxpayers.

Bob and Doug provided insights on what led to FATCA, what it aimed to accomplish and reviewed the reporting requirements for U.S. residents and foreign financial institutions (FFI). They also elaborated on how intergovernmental agreements (IGA) operate and what happens when an FFI chooses not to enter into an IGA.