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.
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