FATCA, U.S. Treasury | JD Supra Law News

Financial Services Quarterly Report - First Quarter 2013: FATCA: Next Steps for Asset Managers

by Adrienne Baker, Karl Paulson Egbert, Michael Hirschfeld | Dechert LLP on 3/27/2013

The U.S. Department of the Treasury (“Treasury”) and the U.S. Internal Revenue Service (“IRS”) released final regulations (“Regulations”) on January 17, 2013 implementing the Foreign Account Tax Compliance Act (“FATCA”).1...more

The Treasury Department and IRS Release Final FATCA Regulations

by Ropes & Gray LLP on 2/22/2013

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...more

Treasury Releases Final FATCA Regulations

by Richard J. Horne, Christina M. Iafe, Brian Silikovitz | Lowenstein Sandler LLP on 2/15/2013

On January 17, 2013, the U.S. Treasury Department released final regulations implementing sections 1471 through 1474 of the Internal Revenue Code (the “Code”), commonly known as the Foreign Account Tax Compliance Act or...more

Significant Changes Made in Final FATCA Regulations

by Adrienne Baker, Andrew Bloom, Michael Hirschfeld | Dechert LLP on 2/11/2013

On January 17, 2013, the U.S. Department of the Treasury (“Treasury”) and the U.S. Internal Revenue Service (the “IRS”) released final regulations (the “Regulations”) implementing foreign account reporting provisions of the...more

FATCA: Final Regulations Raise Questions for Trust Practitioners

by Sloane Jumper, Samantha Moore, John Nichols, Kurt Rademacher | Butler, Snow, O'Mara, Stevens and Cannada,... on 2/8/2013

In the wake of a series of scandals involving U.S. taxpayers sheltering their assets from the reach of the U.S. Internal Revenue Service (IRS), Congress enacted the Foreign Account Tax Compliance Act (FATCA) on 18 March 2010...more

"Treasury and IRS Finalize Highly Anticipated FATCA Regulations"

by Jared Binstock, Roseann Cutrone, Pamela Lawrence Endreny, Edward Gonzalez, Yvonne Lee | Skadden, Arps, Slate, Meagher & Flom LLP on 1/25/2013

On January 17, 2013, the Treasury Department and the IRS issued comprehensive final regulations implementing Sections 1471 through 1474 of the Internal Revenue Code (commonly known as the Foreign Account Tax Compliance Act,...more

Final FATCA Rules Issued by U.S. Treasury Deparment: Future Impact Still Being Considered, But It Will Be Huge for International...

by Rosa Eckstein Schechter on 1/25/2013

This week, the Treasury Department released the Final Rules for FATCA -- the agency regulations that work to implement and enforce the Foreign Account Tax Compliance Act...more

Treasury Issues Final FATCA Regulations

by Jeremy Naylor, Ray Simon | White & Case LLP on 1/24/2013

Introduction - On January 17, 2013, the Department of the Treasury (“the Treasury”) and the Internal Revenue Service (the “Service”) issued final regulations (the “Regulations”) under Sections 1471 through 1474 of the...more

FATCA Model II Agreement Released

by Jonathan E. Gopman, Elysa R. Merlin, Barbara E. Ruiz-Gonzalez, Sherwin P. Simmons, II | Akerman Senterfitt on 12/6/2012

The U.S. Department of Treasury ("Treasury") recently released its second model agreement (the "Model II Agreement") for countries to implement the Foreign Account Tax Compliance Act ("FATCA"). FATCA requires foreign...more

IRS Announces Extended FATCA Deadlines

by Proskauer Rose LLP on 10/26/2012

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

by Patton Boggs LLP on 10/26/2012

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

A Collective Sigh of Relief: IRS Announces Revisions to Timelines for Due Diligence and Other Requirements under FATCA

by Ropes & Gray LLP on 10/26/2012

Yesterday, in Announcement 2012-42, the Internal Revenue Service (IRS) announced its intention to modify proposed regulations issued in February 2012 by the IRS and Treasury Department that implement a set of statutory rules...more

United Kingdom and United States Conclude FATCA Intergovernmental Agreement

by Proskauer Rose LLP on 9/25/2012

On September 12, 2012, the United Kingdom became the first government to enter into an agreement (the "Agreement") with the United States regarding the U.S. withholding tax regime commonly referred to as the Foreign Account...more

IRS Releases Draft Form to Certify Status Of Individuals for Withholding Under FATCA

by Akerman Senterfitt on 9/19/2012

On September 11, 2012, the Internal Revenue Service (“IRS”) released a new draft version of Form W-8 BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Individuals). This Form is used...more

First Bilateral Agreement to Implement FATCA Signed by U.S. & United Kingdom

by Akerman Senterfitt on 9/19/2012

On September 14, 2012, the Treasury Department ("Treasury") announced that the United States has signed its first bilateral agreement with the United Kingdom regarding the implementation of the information reporting and...more

Foreign Financial Account “Due Diligence” Under FATCA

by Sanford Millar on 9/18/2012

The recent agreement between the United States and Great Britain provides an example of inter-governmental cooperation on exchange of taxpayer financial account information. The agreement is mutual, meaning that the...more

U.S. Treasury Department Releases Model FATCA Intergovernmental Agreements

by King & Spalding on 9/5/2012

On July 26, 2012, the U.S. Department of Treasury released its first model intergovernmental agreement (IGA) implementing the information reporting and withholding tax provisions under the Foreign Account Tax Compliance Act...more

Treasury Releases FATCA Intergovernmental Model Agreements

by Morrison & Foerster LLP on 8/8/2012

On July 26, 2012, the U.S. Treasury Department (“Treasury”) released two model agreements that reflect the intergovernmental approach outlined in Treasury’s February joint statement with France, Germany, Italy, Spain, and the...more

U.S. Department of Treasury Publishes FATCA Intergovernmental Model Agreement

by Akerman Senterfitt on 7/31/2012

On July 26, 2012, the U.S. Department of Treasury ("Treasury") published the intergovernmental model agreement for government-to-government information sharing ("model agreement") to implement the information reporting and...more

FATCA G-5 Model Intergovernmental Information Sharing Agreements Released, with Substantial Benefits for Insurance Company FFIs...

by Sutherland Asbill & Brennan LLP on 7/31/2012

On July 26, 2012, the Treasury Department released two versions of a model intergovernmental agreement (model IGA) for government-to-government information sharing under the Foreign Account Tax Compliance Act (FATCA). One...more

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