U.S. Treasury, FFI | 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

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

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

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

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

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

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

Third FATCA Compliance Model Announced - Inter-Governmental Agreements

by King & Spalding on 7/6/2012

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

U.S. Treasury and Japan/Switzerland Announce They Will Negotiate Toward a Third Way for FATCA Compliance

by Morrison & Foerster LLP on 6/26/2012

As we have previously reported, the Foreign Account Tax Compliance Act (“FATCA”) is becoming a significant concern to foreign banks, brokers and investment funds because of its potentially far reaching scope. When FATCA’s...more

New FATCA Alternative For Foreign Institutions to Report Directly to Internal Revenue Service

by Akerman Senterfitt on 6/22/2012

On June 21, 2012, Treasury announced a new method for foreign financial institutions to comply with Foreign Account Tax Compliance Act ("FATCA") reporting. Under the new method, certain foreign financial institutions would be...more

Questions and Answers About FATCA and Foreign Trusts

by McDermott Will & Emery on 5/14/2012

The U.S. Treasury Department recently issued proposed regulations interpreting sections of the Internal Revenue Code (the Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA). The proposed regulations,...more

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

by Orrick, Herrington & Sutcliffe LLP on 4/20/2012

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

Final Proposed FATCA Regulations Issued

by Dechert LLP on 4/5/2012

The U.S. Treasury Department (“Treasury”) and the Internal Revenue Service (“IRS”) on February 8, 2012 issued proposed regulations addressing the implementation of the Foreign Account Tax Compliance Act (“FATCA,” which was...more

Proposed Regulations Provide FATCA Compliance Guidance for Foreign Financial Institutions, Other Foreign Entities and U.S....

by McDermott Will & Emery on 3/27/2012

The U.S. Department of the Treasury and the Internal Revenue Service recently issued proposed regulations under Sections 1471–1474 of the Internal Revenue Code. The proposed regulations provide updated guidance on information...more

IRS and Treasury Department Publish Anticipated FATCA Guidance

by Proskauer Rose LLP on 3/22/2012

Proposed Regulations under the Foreign Account Tax Compliance Act Issued February 8, 2012 On February 8, 2012, the U.S. Treasury Department and the Internal Revenue Service ("IRS") released widely anticipated proposed...more

An Intergovernmental Approach to FATCA: US Treasury Issues Joint Statement From the United States, France, Germany, Italy, Spain...

by White & Case LLP on 3/16/2012

On February 8, 2012, the Department of Treasury (the “Treasury”) and the Internal Revenue Service (the “Service”) issued proposed regulations under the Foreign Account Tax Compliance Act (“FATCA”). FATCA establishes a new US...more

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U.S. Treasury › FFI