{"id":1288,"date":"2021-10-13T23:40:20","date_gmt":"2021-10-13T23:40:20","guid":{"rendered":"https:\/\/mindthetax.com\/?p=1288"},"modified":"2021-11-23T13:20:27","modified_gmt":"2021-11-23T13:20:27","slug":"fatca","status":"publish","type":"post","link":"https:\/\/mindthetax.com\/fatca\/","title":{"rendered":"FATCA Guide – Regulation, Reporting, Filing Requirements, and Penalties"},"content":{"rendered":"
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Authoritative Guide to FATCA Compliance, Requirements, Reporting, and Penalties<\/h1>\n\n\n\n
Many people want to have more opportunities to earn not just in the United States but also abroad. That\u2019s why many Americans love to travel to different countries to find ways to make a living. Because of that, the Foreign Account Tax Compliance Act was implemented to help prevent hiding taxable income from the Internal Revenue Service for those taxpayers who have bank accounts and other similar shelters offshore. <\/p>\n\n\n\n
FATCA was endorsed in 2010 and was successfully implemented in 2014 as part of HIRE or the Hiring Incentives to Restore Employment Act. Since there was a high unemployment rate in the country during the financial crisis in 2008, Barack Obama signed the HIRE Act to provide business owners with the incentives to hire people who are currently unemployed. Hence, if you want to know more about FATCA<\/a>, here\u2019s a quick guide below for regulation, reporting, filing requirements, and penalties. <\/p>\n\n\n\n