Foreign Account Tax Compliance Act (FATCA)

Summary

The Hiring Incentives to Restore Employment Act (HIRE Act) includes provisions that give the U.S. Internal Revenue Service (IRS) new administrative tools to detect, deter, and discourage offshore tax abuses; and encourage improved foreign account tax compliance. See Title V, Subtitle A of HIRING INCENTIVES TO RESTORE EMPLOYMENT ACT, 111 P.L. 147, 124 Stat. 71.