All glossary terms
Glossary term
FATCA (Foreign Account Tax Compliance Act)
Statutory regime requiring foreign financial institutions to report U.S.-owned accounts to IRS.
Related terms
2
Jurisdictions
us
Definition
FATCA, enacted in 2010 and codified at Sections 1471-1474, requires foreign financial institutions to identify U.S. account holders and report to IRS or face 30 percent withholding on certain U.S.-source payments. Intergovernmental agreements (IGAs) facilitate compliance.
Examples
- A foreign bank with U.S. account holders enters into an FFI Agreement with the IRS to comply with FATCA.
Translations
ESFATCA
ZHFATCA
DEFATCA
FRFATCA
JAFATCA
Citations
26 U.S.C. · 1471
Related citations
Computed from the cross-reference graph. Links open the related entity on this site.
This entry cites
Primary sources
- IRS: FATCAVerified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.