Frequently Asked Questions
+ What is FATCA?
+ What does Fruity Credit Union have to do to comply with FATCA?
+ Who is impacted by FATCA?
+ What if my circumstances change?
+ What types of information and/or documents can I expect to supply to Fruity Credit Union?
+ When do I have to provide the requested information and/or documentation for FATCA?
+ Will Fruity Credit Union supply me with all the forms I need to complete?
+ What types of payments are subject to FATCA?
Frequently Asked Questions
GLOSSARY
FATCA
Foreign Account Tax Compliance Act
Inter-governmental agreement (IGA)
An IGA is an agreement between the US and specific countries to build FATCA compliance into the country's legal framework so that the country can implement FATCA. An IGA will require financial institutions to provide the information on US accounts which they hold either:
• directly to the IRS
• or to the local tax authority of the resident country.
Internal Revenue Service (IRS)
The IRS is the United States government agency responsible for tax collection and tax law enforcement.
Fruity Credit Union is unable to provide any tax advice. If you require any advice please refer to an independent tax advisor.
For more information regarding FATCA, please visit the IRS website: www.irs.gov or contact your tax professional.
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