FATCA Regulations Are Finalized

more+
less-

On January 18, the Treasury Department issued final regulations under the Foreign Account Tax Compliance Act (FATCA). The final regulations incorporate the FATCA guidance that the Internal Revenue Service (IRS) has issued since proposed FATCA regulations were issued last February, as well as certain comments received regarding the proposed FATCA regulations.

The final regulations also provide clarification and details with respect to:

  1. the method, timing and general content that will need to be included in an agreement that a foreign financial institution (FFI) will need to enter into with the IRS to avoid FATCA withholding;
  2. phased-in timelines for due diligence, reporting and withholding;
  3. rules concerning intergovernmental agreements; and
  4. procedures for compliance and registration by sponsors of commonly managed FFIs.

We intend to issue a client advisory discussing the FATCA final regulations.

Read more.

 

Written by:

Published In:

FFI
IRS
Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Katten Muchin Rosenman LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×