Q1002. Impact of new Trump Tax Plan on FATCA?
Question: Impact of new Trump Tax Plan on FATCA?
Answer: The Trump tax plan makes changes such as fewer tax brackets, higher standard deductions and elimination of some personal exemptions previously allowed. However, there is nothing in the tax plan that changes FATCA reporting requirements. While tax rates and deductions are being changed, the Foreign Account Tax Compliance Act (FATCA) rules remain the same.
Information by Virendar Chand
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