Understanding FATCA: How and Why the World, Even Switzerland and Grand Cayman, Must Now Cooperate with the IRS
Program Number: 2568
Presenter: Jorn A. Holl, Esq., Nathan Newman, Esq.
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The Foreign Account Tax Compliance Act (FATCA) broadly requires U.S. persons to report their foreign financial accounts to the IRS. The Act also requires foreign financial institutions around the globe to search for accounts they maintain that are, or may be, held by Americans, and then report all such accounts for the benefit of the IRS. The Act has largely been implemented throughout the world via two types of Intergovernmental Agreements (IGAs) signed (or agreed-to in substance) by most of the world’s major countries, including China. (Russia has not agreed to an IGA, but has nevertheless passed legislation enabling compliance with FATCA.) FATCA’s global reach has effectively eliminated banking secrecy for US taxpayers in countries like Switzerland, because foreign financial institutions that do not to