The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Rep. Lloyd Doggett and Sen. Sheldon Whitehouse Supporting H.R. 1932/S. 851; which would target egregious offshore exploitations. The full letter can be read below or downloaded here.
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.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to House lawmakers Tuesday urging them to oppose H.R. 2054/S. 869 and defend the 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.
Enabling Criminal Activity in the U.S. and Around the World
America is one of the easiest places in the world in which to form an anonymous shell company—this facilitates crimes that victimize ordinary Americans.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to House lawmakers Friday urging them to oppose the “Partnership to Build America Act” (H.R.1669), which is sponsored by Rep. John Delaney (D-MD).
