FATCA enforcement has been difficult because the Internal Revenue Service relies on ________ for reporting purposes.
A) Intermediaries (e.g., banks)
B) Employers and employees
C) Foreign countries
D) Personal income tax returns

Question

Quizplus · Accepted Answer

FATCA requires foreign financial institutions (FFIs) to report information about US account holders to the IRS through intermediaries, such as banks. Therefore, the IRS relies on intermediaries for reporting purposes.

FATCA Enforcement Has Been Difficult Because the Internal Revenue Service