Dean Paik, director, Rogers Joseph O’Donnell, PC and Jenny C. Lin, Law office of Jenny C. Lin
In 2010, Congress passed the Foreign Account Tax Compliance Act (FATCA). There are two parts to FATCA. One part requires additional disclosure of foreign assets by taxpayers. The second part requires agreement by foreign financial institutions (FFIs) to conduct due diligence on the U.S. status of their accountholders and provide certain information to the IRS. This presentation focuses on the second part of FATCA, including the abuses that gave rise to FATCA and due diligence requirements by affected entities and individuals that are meant to address such abuses.