FATCA question

jimdandy33 said:

So I've been reading up on FATCA, and I've come across some language in the law that is interesting. Basically, (and please correct me if I'm wrong, I'm certainly not an expert that's why I'm asking here) when you open a foreign business bank account as a US citizen, you are not strictly required to fill out the FATCA forms, but if you refuse your account automatically becomes "reportable" and the bank will report everything to the IRS.

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jimdandy33 said:

But it seems like if you do indeed sign all the FATCA paperwork, there are cases where your business bank account would fall in a "non-reportable" category. First of all, is this true? Second of all, are there certain industries/operations that would cause your business bank account to become reportable?

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Foreign Account Tax Compliance Act

FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. FFIs are encouraged to either directly register with the IRS to comply with...

home.treasury.gov

jimdandy33 said:

Appreciate any insight here, thank you

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jimdandy33 said:

But it seems like if you do indeed sign all the FATCA paperwork, there are cases where your business bank account would fall in a "non-reportable" category.

Click to expand...