The U.S. Treasury Department said Friday that it has signed a bilateral agreement with the United Kingdom to implement information reporting and withholding tax provisions under the Foreign Account Tax Compliance Act, or FATCA, allowing the two governments to share information about taxpayers from the U.S. and U.K.
FATCA was enacted by Congress as part of the HIRE Act of 2010 to crack down on noncompliance by U.S. taxpayers using foreign accounts. It requires foreign financial institutions, including hedge funds, to disclose information about the bank accounts and assets of U.S. taxpayers to the Internal Revenue Service.
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