FATCA’s Failures: Why IRS Tax Compliance Costs Over $380M

Introduction: Understanding FATCA and Its Objectives The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, represents an ambitious effort by the United States to combat tax evasion by individuals holding assets in offshore accounts. As part of the Hiring Incentives to Restore Employment (HIRE) Act, FATCA requires foreign financial institutions (FFIs) and certain non-financial […]

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