FATCA stands for the Foreign Account Tax Compliance Act. It is a United States federal law that requires foreign financial institutions to report information about accounts held by US taxpayers to the US Internal Revenue Service (IRS). The law was enacted in 2010 to combat tax evasion by US citizens and residents who hold assets in foreign accounts and fail to report them to the IRS.
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What does IRS mean?
IRS means Internal Revenue Service
The IRS is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue. The IRS is responsible for collecting taxes and administering the Internal Revenue Code, the federal statutory tax law of the U.S. Its duty to maximize tax revenue entails providing tax assistance to taxpayers, as well as pursuing and resolving instances of erroneous or fraudulent tax filings. The IRS has also overseen various benefits programs, and enforces portions of the Affordable Care Act (Obamacare).
In the 2015 fiscal year, the IRS processed almost 240 million returns and collected approximately $3.3 trillion in revenue, spending 35¢ for every $100 it collected.
Source: Wikipedia