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ARTICLE · 02 JUNE 2014

Charities And NPOs Exempt From FATCA

Miller Thomson
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FATCA requires non-U.S. financial institutions to report to the United States IRS on the details of "U.S. Reportable Accounts" held by U.S. taxpayers.

CanadaCorporate/Commercial Law
Donald Carr
Donald Carr
Natasha Smith
Natasha Smith
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In March 2010, the United States enacted the Foreign Account Tax Compliance Act (FATCA), which requires non-U.S. financial institutions to report to the United States Internal Revenue Service (IRS) on the details of "U.S. Reportable Accounts" held by U.S. taxpayers.  "Accounts" and "financial accounts" have very broad definitions and the terms are not limited to regular bank accounts, but also extend, for instance, to certain life insurance policies.

Pursuant to FATCA, financial institutions outside the United States that fail to provide the requisite reporting are exposed to severe sanctions.  Provision was made for intergovernmental agreements (IGAs) between other countries and the US to further refine the application of FATCA to those countries.

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