What is FATCA and is it relevant for me?
Is your US business thinking of operating in France? If so, you are required to complete a particular FATCA form to report to the IRS (Internal Revenue Service) any of your assets held outside of the US.
Since France became FATCA compliant in 2013, these forms have been obligatory for US companies when opening a bank account in France.
Should you make a mistake in filling out this form, you do not have to worry; but your bank will be subject to a $10,000 fine for failure to file the form, an additional penalty of up to $50,000 for continued failure to file after IRS notification, and a 40% penalty on understatements of tax on non-disclosed assets. With these stringent penalties for banks, an incorrectly filled in FATCA form makes your bank account application more likely to be rejected.
Here at Maupard, our team of experienced accountants can complete this form on your company’s behalf quickly and accurately.
For more information, see our article on FATCA regulations in France: