With the 2010 HIRE act, the U.S. Government accomplished two things: throttling domestic hiring and adding a revenue stream. Within the 2010 HIRE act was FATCA, or the Foreign Account Tax Compliance Act, which mandates all U.S. persons pay tax on assets exceeding $50,000 in value. U.S. persons living abroad are now subject to the same tax affiliations as residents. FATCA has a huge effect because non-compliance comes with a 30% penalty on withholdable payments. This article details all you need to know about FATCA and the penalties surrounding it.
