The Treasury Department and IRS Release Final FATCA Regulations


On January 17, 2013, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) released long-awaited final regulations on the set of statutory rules commonly referred to as FATCA. As more fully described in our prior Alert from March 2012, FATCA establishes an information reporting regime intended to reduce evasion of U.S. taxes by identifying U.S. persons holding assets through offshore entities and accounts.

The January release follows on the heels of the execution of a number of intergovernmental agreements (IGAs), which allow for country-specific procedures for implementing FATCA. The final regulations do not mark a fundamental shift in the implementation of the FATCA regime. Rather, the final regulations make extensive, but technical, refinements to last year’s proposed regulations under FATCA (see our March 2012 Alert), while also better conforming the regulations to the IGAs. Additionally, the regulations adopt many industry recommendations submitted in response to the proposed regulations.

Please see full alert below for more information.

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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.

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