Foreign Account Tax Compliance Act

http://www.irs.gov/businesses/corporations/article/0,,id=236667,00.html

Regulatory

U.S.

Enforced by the U.S. Internal Revenue Service

The Foreign Account Tax Compliance Act (FATCA) will require U.S. taxpayers with specified foreign financial assets that exceed certain thresholds to report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

FATCA requires certain U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return. Reporting applies for assets held in taxable years beginning after March 18, 2010. FATCA also requires foreign financial institutions (“FFIs”) to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. To properly comply with these new reporting requirements, an FFI will have to enter into a special agreement with the IRS by June 30, 2014.

Certain U.S. taxpayers with foreign assets, and foreign financial institutions holding U.S. taxpayer assets.

Final FATCA Regulations (IRS)
Revised Timeline For FATCA Implementation (IRS)
FATCA Legal Documents and Notice Information (IRS)
FATCA Newsletter (IRS)
FATCA on Wikipedia