The Finance Ministry reached an agreement to turn information on US citizens’ bank accounts over to the United States’ Internal Revenue Service, in compliance with a tough US law designed to counter tax evasion.
Bank Hapoalim – Photo: Ariel Jerozolimski
The 2010 Foreign Account Tax Compliance Act (FATCA), requires international financial institutions to turn over all the information on their US account holders, or else face tough sanctions from the US.
Though expatriate Americans don’t know it, they are required to file their income with the IRS each year with a 1040 tax form.
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