Passed in 2010, the U.S. Foreign Account Tax Compliance Act (FATCA) is designed to detect offshore banking activities geared toward evading U.S. taxes. The law requires foreign financial institutions and other organizations that accept deposits to identify account holders who may be U.S. taxpayers, then pass on information about those individuals to the IRS so that agency can root out taxes owed. Transactions that involve an undocumented account holder and/or a noncompliant foreign financial institution will be subject to a 30 percent withholding tax.
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Keeping up with the latest digital innovations has replaced economic conditions and regulatory changes as the biggest concern for global executives this year.
Company also plans $30 billion in U.S. capital expenditures.
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Follow these 4 steps to help protect profit and avoid currency related losses while doing business across borders.
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