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 assets

         - 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

  1. Download the current IRS forms and follow instructions by clicking on the links in the right hand column titled FATCA Resource Links
  2. Contact your Tax advisor for any questions regarding completing the form.
  3. Complete the form (plus any additional documentation) and take it to your nearest Comerica Banking Center or provide it to your Relationship manager.