FATCA AND CRS RESOURCE DESK
Under the Foreign Account Tax Compliance Act (FATCA), foreign financial institutions are required to report U.S. taxpayer information directly to the IRS. Enacted in 2010, the goal of FATCA is to promote transparency and bring the taxpayer into cross-border tax compliance.
There are exceptions to FATCA reporting and it should be noted that the IRS continuously develops new guidance concerning FATCA regulations.
The Common Reporting Standard (CRS) is similar to FATCA in that information reported is required from non-U.S. institutions, however, CRS does pose different regulations and requirements.
We can help navigate these regulations and formulate a plan to assist with accurate reporting.