America’s global tax law FATCA--the Foreign Account Tax Compliance Act--is here. It requires foreign financial institutions to report individual American accounts with US $50,000 and over to the U.S. Internal Revenue Service (IRS).

Regardless of where they live, America taxes its citizens and permanent residents on their worldwide income. FATCA, which  was enacted in 2010, makes it possible to cut off institutions from access to key  U. S. financial markets if information on  American persons is not reported to the IRS.

Institutions that are non compliant can be penalized and frozen out of US markets, so financial institutions have scurried to comply. NCCU is among the 77,000 financial institutions that have already registered.

Persons joining NCCU will now have to answer relevant questions as to their U.S. status.  Existing members may be required to provide NCCU with additional information. 

FATCA took effect on July 1, 2104.   

Click here to find out more about FATCA and its impact on NCCU. 

 For more information visit the U.S. IRS Website @ http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA