Foreign Account Tax Compliance Act Compliance

The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +
The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers by capturing tax revenue related to foreign assets and off-shore accounts.  less -
News & Analysis as of

2014 Compliance Checklist for Investment Advisers

For those of you still easing into 2014, we thought that now would be a good time to help you plot out your regulatory and internal compliance schedules for the upcoming calendar year....more

International Disclosure Obligations: "Beyond FATCA" - Further Developments in the Laws On Automatic Information Exchange and...

The U.S. information reporting and withholding tax regime known as "FATCA"[1] was signed into law on March 18, 2010. In the nearly four years since, the attention of international financial institutions of every variety,...more

Inspector Lestrade – Does Leadership Matter?

Continuing our Sherlock Holmes homage, today we draw inspiration from the character of Inspector Lestrade as the theme of this blog post. I thought about Inspector Lestrade when I read some of the comments of UBS Chief...more

Implications of the Foreign Account Tax Compliance Act, FATCA

Protecting domestic revenue is just one of several reasons why G-20 nations are cracking down on tax havens. Other reasons include their desire to track the international flow of funds used for terrorist activity or money...more

Your Nonprofit Has Gone Global: Now What Are Your U.S. and Foreign Tax Compliance and Reporting Obligations?

In this presentation: - Form of foreign operations - Foreign tax treatment of the foreign operations - U.S. tax treatment of the foreign operations - VAT/GST issues - Employee and...more

Fair Credit Reporting Act Amendment Offers Important Protections From Lawsuits Targeting Background Check Programs

In This Issue: - Summary Of FCRA Obligations On Employers That Use Consumer Reports For Employment Purposes - Potential Liability For FCRA Non-Compliance And The Growing Wave Of FCRA Class Action -...more

Cayman Islands Government Announces FATCA Intergovernmental Agreement

The Cayman Islands government announced on August 13, 2013 that it has concluded negotiations with the US government on a “Model 1” intergovernmental agreement (“IGA”) with respect to the US Foreign Account Tax Compliance Act...more

A Compilation of Enforcement and Non-Enforcement Actions - July 31, 2013

Non-Enforcement Matters - Insider Trading in Mutual Fund Shares - Incentive for Whistleblowers to Bypass Internal Reporting - SEC Announces Compliance Outreach Sessions - Implementation of FATCA Reporting...more

Orrick's Financial Industry Week in Review - July 22, 2013

SEC and EU Supervisory Cooperation for Asset Management Industry - On July 19, the SEC announced that it signed various memoranda of understanding with the financial regulators of 25 member states of the EU and 3...more

FATCA Compliance Update: U.S. Treasury Announces Six Month Delay In Implementing FATCA

On July 12, 2013, the U.S. Treasury announced that due to overwhelming concern from countries around the world, the implementation of FATCA (the Foreign Account Tax Compliance Act) would be deferred from January 1, 2014 to...more

FATCA Compliance for Investment Fund Managers, Part Two

This is the second in a series of Foley Advisers about FATCA, the new U.S. tax regime designed to combat offshore tax evasion by U.S. taxpayers that will go into effect on January 1, 2014. Our prior installment described...more

2013 Mutual Funds and Investment Management Conference

In this presentation: - General Counsel’s Address - Keynote Address - General Session — It’s a Small World After All: How Non-U.S. Regulators Affect Your Business - General Session — Closer to...more

FATCA Compliance for Investment Fund Managers Part One

U.S. Funds with Only U.S. Investors - FATCA, the new U.S. tax regime designed to combat offshore tax evasion by U.S. taxpayers, will go into effect on January 1, 2014. As a fund manager, you will be required to ensure...more

Orrick's Financial Industry Week In Review - April 2, 2013

In This Issue: *Financial Industry Developments - CFTC No-Action Relief for Commodity Trader Advisor Registration - CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants -...more

IRS Issues Final FATCA Regulations

On January 17, 2013 the Internal Revenue Service issued long-awaited final regulations that implement the Foreign Account Tax Compliance Act (FATCA), the new reporting and withholding tax regime that applies to foreign...more

FATCA – 2013 and Beyond

Tax lawyer Stuart Schabes co-presented “FATCA – 2013 and Beyond” at The Perfect Storm: US Tax Legislation and IRS Compliance 2013, a program hosted by Philip Stein & Associates and ERM. The discussion included: -...more

Understanding FATCA

In late October PE Manager brought together four industry professionals (Joan Arnold, Pepper Hamilton; Kristy Trieste, Corsair Capital; Lori Evans, Birch Hill Equity Partners; and Jay Bakst, EisnerAmper) who must all in their...more

IRS Announcement Extends FATCA Timelines

On October 24, 2012, the Internal Revenue Service ("IRS") and the Department of Treasury ("Treasury") issued an announcement that extends certain timelines for the implementation of Foreign Account Tax Compliance Act (FATCA)....more

IRS Announces Extended FATCA Deadlines

On October 24, 2012, the U.S. Internal Revenue Service (IRS) issued Announcement 2012-42: Timelines for Due Diligence and Other Requirements Under FATCA (Announcement). The Announcement provides that final regulations (Final...more

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

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...more

FATCA’s Legal Issues

To address concerns that US taxpayers were failing to report income generated in offshore accounts, the US Congress adopted Sections 1471 through 1474 of the Internal Revenue Code, commonly referred to as “FATCA,” in early...more

IRS Seeks Comment on New FATCA Forms; ISDA Announces FATCA-Driven Change to Master Agreement

The IRS issued a request for comment on two new proposed FATCA-related forms on August 15, 2012. The first is Form 8956, Application for Foreign Account Tax Compliance Act (FATCA) Individual Identification Number. Each...more

Third FATCA Compliance Model Announced - Inter-Governmental Agreements

The U.S. Department of the Treasury (Treasury) issued joint statements with the governments of Japan and Switzerland on June 21, 2012 outlining a new framework for foreign financial institutions (FFIs) in those countries to...more

Proposed FATCA Regulations Feature InterGovernmental Approach

Sections 1471 through 1474, commonly referred to as the Foreign Account Tax Compliance Act (FATCA) were originally enacted as a part of the Hiring Incentives to Restore Employment Act on 3/18/10. FATCA requires foreign...more

Proposed Treasury Regulations Implementing the Foreign Account Tax Compliance Act (“FATCA”)

On February 8, 2012, the Internal Revenue Service (“IRS”) announced the release of proposed regulations (the “Proposed Regulations”) for the next phase of implementing reporting and withholding provisions of the HIRE Act...more

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