The Foreign Account Tax Compliance Act.

The article discusses the different important aspects of the Foreign Account Tax Compliance Act (FATCA), which is a major component of the push of the U.S. federal government for increased tax compliance among taxpayers with foreign accounts in the U.S. It says that FATCA is part of the Hiring Incentives to Restore Employment (HIRE) Act. According to the author, the possible effect of FATCA on U.S. taxpayers with foreign assets and accounts is difficult to overstate. According to the author, FATCA imposes a second filing requirement on U.S. taxpayers with foreign assets and accounts. The required components of a FATCA disclosure are also mentioned. INSET: EXECUTIVE SUMMARY.