U.S. Treasury/IRS Amend FATCA Rules And Extend Certain Deadlines

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As we move toward the end of 2012, many non-U.S. financial institutions have been eager for information on how the Foreign Account Tax Compliance Act (FATCA) is going to be implemented. They are the entities which will have major obligations for due diligence and reporting about U.S. account holders, once the law becomes effective.

As of yet, the final regulations have not been published, and while there reportedly is much activity toward bi-lateral inter-governmental agreements (IGAs) between the United States and other countries, only one IGA –that with the United Kingdom – has been signed.

Please see full alert below for more information.

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Topics:  Compliance, Deadlines, FATCA, FFI, Grandfathered Obligations, Gross Proceeds, Intergovernmental Agreements, IRS, PFFI, U.S. Treasury

Published In: Administrative Agency Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

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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