What is FATCA?
The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.
- FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts
- FATCA focuses on reporting:
- By U.S. taxpayers about certain foreign financial accounts and offshore asset
- By foreign financial institutions about financial accounts held by U.S. taxpayers or
foreign entities in which U.S. taxpayers hold a substantial ownership interest
- The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting.
Step by step instructions for customers
- Download the current IRS forms and follow instructions by clicking on the links in the
right handcolumn titled FATCA Resource Links
- Contact your Tax advisor for any questions regarding completing the form.
- Complete the form (plus any additional documentation) and take it to your nearest Comerica Banking Center or provide it to your Relationship manager.