[Foreign Account Tax Compliance Act]
This act is an important tool in the United States effort to combat tax evasion by US persons holding accounts and other financial assets offshore.
FATCA filing rules require certain US taxpayers who hold foreign financial assets of more than the reporting threshold of at least $50,000.00 to report the information on IRS Form 8938. This form must be attached to the taxpayer’s annual income tax (IRS FORM 1040, etc.)
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