Guidance Outlining Phased Implementation of FATCA Beginning in 2013

more+
less-

The Foreign Account Tax Compliance Act (“FATCA”) was enacted in 2010 as part of the Hiring Incentives to Restore Employment (“HIRE Act”). FATCA targets non compliant U.S. taxpayers with foreign accounts. It also requires foreign financial institutions (“FFIs”) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

The Treasury Department and the Internal Revenue Service (“IRS”) have received numerous comments concerning the practical difficulties in implementing various aspects of FATCA within the timeframes provided by the HIRE Act and under previous FATCA guidance. The two main challenges identified relate to the time to develop compliance, reporting, and withholding systems necessary to comply with FATCA and the implementing of notices.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.


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.

© Akerman LLP | Attorney Advertising

Written by:

more+
less-

Akerman LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest 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. Or, sign up using your email address.
×
Loading...
×
×