IRS Implements FATCA, Ramps Up Tax Evasion Battle

FATCA is not popular with financial institutions, Americans abroad or foreign governments. However, the IRS likes it a lot. Enacted in 2010, FATCA targets non-compliance by U.S. taxpayers using foreign accounts. It enlists the aid of financial institutions worldwide to ferret out Americans and if Americans won’t disclose their accounts, to withhold and remit money to the IRS.