FATCA? What the Heck Is It? | File US Taxes From Abroad
The FATCA, or Foreign Account Tax Compliance Act, is what gives US Citizens and Green card holders living outside of the US the responsibility to report their foreign assets.
It is a law from the US government made to track potential illegal tax activity and monitor American taxpayers and business folks who are earning income abroad. US citizens and Green Card Holders living abroad will need to report their foreign assets if they exceed certain monetary thresholds, under this FATCA law. Plus, foreign institutions (like banks) are also involved, and need to report to the IRS the assets from their American clients.
With MyExpatTaxes’ all-in-one software, you can file the FATCA and FBAR. It’s never been easier to become tax compliant!