News & Analysis as of September 18, 2024

Foreign Banks

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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 +

Treasury Hints That Regulatory Review May Target FATCA Regulations

Fox Rothschild LLP on 10/11/2017

In a report to the President recommending actions to eliminate or mitigate burdens imposed on taxpayers by eight specific tax regulations, the Treasury Department indicated that it is considering possible reforms of...more

FATCA Update: Treasury Relaxes September 30 Deadline for Model 1 IGA Jurisdictions to Exchange Tax Information

Blank Rome LLP on 9/21/2015

With less than two weeks remaining until many countries are required to exchange tax information with the U.S. pursuant to the Foreign Account Tax Compliance Act (FATCA), the U.S. has agreed to provide partner jurisdictions...more

IRS Extends Implementation of Certain FATCA Provisions, Eliminates 2013 Reporting

McDermott Will & Emery on 8/2/2013

On July 12, 2013, the Internal Revenue Service (IRS) issued Notice 2013-43, which extended the implementation of certain provisions of the Foreign Account Tax Compliance Act (FATCA) by six months and eliminated reporting on...more

FATCA Implementation Further Delayed Until July 1, 2014, FFIs Should Finalize Registrations by April 25, 2014

Akin Gump Strauss Hauer & Feld LLP on 7/17/2013

The Internal Revenue Service (IRS) issued Notice 2013-43 (available here), which delays by six months certain of the timelines during which withholding agents and foreign financial institutions (FFIs) will be required to...more

Treasury Revises FATCA Implementation Timeline

Morgan Lewis on 7/16/2013

IRS notice postpones FATCA withholding by six months and revises other key deadlines. ...more

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