Which act identifies the U.S. taxpayers who hold financial assets in non-U.S. financial institutions and offshore accounts?
a. Foreign Account Tax Compliance Act
b. Foreign Corrupt Practices Act
c. U.S. Senate Bill Act
d. Basel II Tax Accord
a. Foreign Account Tax Compliance Act
Foreign Account Tax Compliance Act identifies U.S. taxpayers who hold financial assets in non-U.S. financial institutions and offshore accounts.This is done so that the taxpayers cannot avoid their U.S. tax obligations.
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