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Fight Tax Evasion

Tax evasion from wealthy individuals using a variety of offshore schemes, including hiding assets in foreign bank accounts, robs U.S. taxpayers of tens of billions of dollars per year — and the costs for developing countries are even worse. A growing global norm in favor of transparency can ensure that all are held equally accountable for paying the taxes they owe.

Briefing Memo: FATCA

Questions & Answers about the Foreign Account Tax Compliance Act (FATCA)
FATCA is the Foreign Account Tax Compliance Act, which was adopted in 2010 to help pay for the HIRE (Hiring Incentives to Restore Employment) Act. FATCA requires foreign financial institutions (FFIs) to determine if accounts they have opened are held, directly or indirectly, by Americans and, if so, disclose them to the Internal Revenue Service (IRS). Any FFI that refuses to provide this information to the United States is subject to a 30% withholding tax on the FFI’s U.S. source income.

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FACT Sheet: Foreign Account Tax Compliance Act (FATCA)

Every year, your employer, bank, the Social Security Administration, and anyone holding or investing your savings, sends you and the Internal Revenue Service (IRS) information about your accounts. This is a long-standing U.S. practice that combines patriotism and accountability and has created a culture of tax compliance.

However, for U.S. citizens living abroad and wealthy individuals with accounts in foreign banks, there was little accountability. While most Americans with foreign bank accounts paid the taxes they owed, some did not. For those, FATCA was passed.

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New Bills Take Aim at Offshore Tax Haven Abuse

Stop Tax Haven Abuse Act and Corporate EXIT Fairness Act Would Close Many of the Most Egregious Offshore Loopholes
WASHINGTON, D.C. – Congressional lawmakers introduced two measures Wednesday to close a number of offshore tax haven loopholes in a move welcomed by the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).

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