FATCA enforcement has been diﬃcult because the Internal Revenue Service relies on ____ for reporting purposes.
A)personal income tax returns
B)employers and employees
C)intermediaries (e.g., banks)
D)foreign countries

Question

FATCA enforcement has been diﬃcult because the Internal Revenue Service relies on  ____ for reporting purposes.
A)personal income tax returns
B)employers and employees
C)intermediaries (e.g., banks)
D)foreign countries

Quizplus · Accepted Answer

FATCA (Foreign Account Tax Compliance Act) enforcement is challenging because it relies on intermediaries, such as banks, to report on the foreign financial accounts of U.S. taxpayers. These institutions are responsible for identifying U.S. account holders and reporting their account information to the IRS.

FATCA Enforcement Has Been Diﬃcult Because the Internal Revenue Service