Private client software developers thewealthworks has introduced a new module to assist financial institutions and professional firms with their obligations under the US Foreign Account Tax Compliance Act (FATCA).
FATCA was enacted in 2010 by Congress to target non-compliance by US taxpayers using foreign accounts. It requires foreign financial institutions to report to the IRS information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest. In 2014, FATCA regulations came into force and Mick Jones, managing director of thewealth...