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The Foreign Account Tax Compliance Act (FATCA) is a U.S. law aimed at preventing tax evasion by U.S. citizens and residents through the use of offshore accounts. It requires U.S. taxpayers to report certain foreign financial accounts and offshore assets.
FATCA also mandates foreign financial institutions to report about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest. Failure to comply with FATCA can result in substantial penalties, making it essential for U.S. taxpayers with offshore financial activity to understand their FATCA obligations.
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