News & Analysis as of September 18, 2024

U.S. Treasury

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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 +

The Steady March Toward FATCA Implementation: 77,000 Financial Institutions Registered and Nearly 70 IGAs Reached

Blank Rome LLP on 6/4/2014

On June 2, 2014, the U.S. Treasury and the Internal Revenue Service announced further developments as the July 1 implementation date of the Foreign Account Tax Compliance Act (FATCA) quickly approaches....more

"Treasury and IRS Release FATCA Regulations"

Skadden, Arps, Slate, Meagher & Flom LLP on 3/13/2014

New Regulations Address Some Concerns and Coordinate FATCA Rules with Other Reporting and Withholding Rules - On February 20, 2014, the Department of the Treasury and the IRS issued a comprehensive set of final and...more

U.S. Signs FATCA IGA With France

BakerHostetler on 11/15/2013

Bloomberg BNA reports that the Treasury Department announced on November 14, 2013, that the U.S. and France have signed a Model 1 FATCA IGA. In other words, the IGA will require banks in France to report tax information about...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

Treasury Delays FATCA Deadlines by Six Months

Akerman LLP on 7/26/2013

On July 12, the Treasury Department issued Notice 2013-43, which provides a revised timeline for the Foreign Account Tax Compliance Act (FATCA). The FATCA withholding and reporting requirements will be delayed six months...more

Treasury and IRS Extend FATCA Deadlines

Orrick - Finance 20/20 on 7/23/2013

Notice 2013-43, released on July 12, 2013, announces the Internal Revenue Service’s (the IRS) and the Department of the Treasury’s intent to amend final Treasury regulations implementing the U.S. Foreign Account Tax...more

Treasury and IRS Extend FATCA Deadlines

Orrick, Herrington & Sutcliffe LLP on 7/22/2013

Notice 2013-43 (http://www.irs.gov/pub/irs-drop/n-13-43.pdf), released on July 12, 2013, announces the Internal Revenue Service's (the "IRS") and the Department of the Treasury's intent to amend final Treasury regulations...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

Extension of FATCA Withholding Start Date and Grandfathering End Date

Orrick - Finance 20/20 on 7/16/2013

On July 12, Treasury and the IRS announced that they intend to amend final Treasury regulations implementing the U.S. Foreign Account Tax Compliance Act (FATCA) to provide for a six-month extension to the start of FATCA...more

Revised Timeline for Implementing FATCA

Dechert LLP on 7/16/2013

Sections 1471 through 1474 of the U.S. Internal Revenue Code (“FATCA”) generally impose a 30% withholding tax on certain payments to a foreign financial institution (“FFI”) unless the FFI has entered into an agreement with...more

Legal Alert: New Extended FATCA Implementation Dates

Eversheds Sutherland (US) LLP on 7/16/2013

On July 12, 2013, the IRS, in Notice 2013-43, and the Department of the Treasury in a Press Release of the same date, extended the implementation dates by six months for many of the withholding and account due diligence...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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Foreign Account Tax Compliance Act › IGAs › U.S. Treasury

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