Accounts Payable Professionals: What is FATCA?

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Saturday, July 19, 2014

What is FATCA?

What is FATCA? It sounds like a Canadian weight-loss website or an oversized pet, but it is not. It is a US federal law that requires documentation to prevent people and companies from hiding assets from being taxed.

It seems that companies will be required to maintain even more paperwork. This also includes a new tax form: the 8966 form that will need to be submitted on March 15th, 2015.

Here are some great places to get detailed FATCA information that pertains to your accounts payable department:

US Treasury's FATCA website

Here is a YouTube video I found that describes FATCA, although it's a bit sarcastic (it describes FATCA in a more entertaining way):