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.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.