Faint FATCA in INFO

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Aug 6th, 2022
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How to faint FATCA in INFO

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what is FATCA people talk a lot about the foreign account Tax Compliance Act itamp;#39;s a law that was passed in the u.s. not that long ago and itamp;#39;s had a lot of unforeseen consequences in this video Iamp;#39;m going to tell you exactly what it is and what itamp;#39;s all about hi Iamp;#39;m Andrew Henderson if you search anywhere on the internet for offshore tax photo Jase youamp;#39;re no doubt going to come across FATCA and while this law was started in the United States itamp;#39;s actually triggered a lot of other things that impact non-us citizens non-us residents itamp;#39;s really come to impact a lot of people all over the world hereamp;#39;s what it is so back during the recession the United States went through and said weamp;#39;re going to a stimulus plan letamp;#39;s go and build some roads and build some bridges and throw a bunch of money down a drain to hire people and have the government come in and try and create prosperity well thatamp;#39;

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The purpose of FATCA is to prevent US persons (see glossary) from using banks and other financial organisations to avoid US taxation on their global income and assets. HSBC will therefore report information to the IRS or local tax authority on all accounts held directly or indirectly by US persons.
The purpose of FATCA is to prevent U.S. persons from using banks and other financial institutions outside the USA to park their wealth outside U.S. and consequently avoid U.S. taxation on income generated from such wealth.
FAQs. What is FATCA? FATCA is the Foreign Account Tax Compliance Act. Its objective is to identify U.S. persons who may evade U.S. taxes by investing through foreign (non-U.S.) accounts -- either directly or indirectly through foreign entities such as corporations and trusts.
Who Needs to Comply With FATCA? Form 8938 needs to be filed by any American taxpayer with financial assets totaling $50,000 or more.
FATCA Forces Foreign Banks to Provide Your Information to the IRS. US taxpayers who received a FATCA compliance letter must understand that the banks are following the FATCA agreement between the US and the relevant country in which the bank is located or does business.
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments.
FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

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