US Dept of the Treasury: Internal Revenue Service

http://www.irs.gov/businesses/corp...

The Foreign Account Tax Compliance Act (FATCA) will require US 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 US taxpayers, or held by foreign entities in which US. 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 will also require 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.

Summary of Key FATCA Provisions

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

http://en.wikipedia.org/wiki/FATCA