By Arne Riis
Published in Practical International Tax Strategies, January 2013.
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010.
The primary goal of FATCA is to allow the Internal Revenue Service (IRS) and U.S. Treasury to identify offshore income earned by U.S. persons with offshore accounts or investments; and to identify U.S. persons with non-U.S. assets.
This article examines how FATCA will impact corporations operating globally.