News & Analysis as of September 21, 2024

Withholding Requirements

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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 +

Often Overlooked Exception to Withholding and Reporting Requirements under FATCA

Dorsey & Whitney LLP on 2/3/2021

An often overlooked exception to U.S. withholding taxes may result in a lower overall U.S. tax burden. The Foreign Account Tax Compliance Act (“FATCA”) was enacted in an effort to ensure that U.S. taxpayers could not...more

US Banks wanting to be ahead of the FATCA game must master international tax compliance

Foodman CPAs & Advisors on 5/18/2017

The terms FDAP (Fixed, Determinable Annual and Periodical Income) and ECI (Effectively Connected Income) are expansive terms. They are the backbone behind the tax withholding, and reporting requirements imposed on US Banks...more

IRS Updates FATCA FAQs, Addresses January Temporary Regulations

Proskauer - Tax Talks on 4/27/2017

On April 6, 2017, the Internal Revenue Service (the IRS) added three new frequently asked questions to its Foreign Account Tax Compliance Act (“FATCA”) compliance page, which is available only online. These additional FAQs...more

FATCA: IRS Extends Transitional Rules

Foley Hoag LLP on 9/22/2015

On September 18, 2015, the IRS announced its intention to amend the U.S. FATCA regulations to extend the effectiveness of certain transitional rules, including...more

IRS Notice 2014-33 – IRS Grants Relief for Good-Faith Efforts Under FATCA

Goodwin on 5/19/2014

On May 2, 2014, the Internal Revenue Service (“IRS”) issued Notice 2014-33 (the “Notice”) providing that calendar years 2014 and 2015 will be regarded as a transition period for purposes of IRS enforcement and administration...more

FATCA Withholding And Reporting Deferred For Six Months

Troutman Pepper on 7/15/2013

In response to taxpayer concerns about the practicality of meeting certain FATCA compliance timeline dates, the IRS, in Notice 2013-43 issued today, has extended some of those dates and made certain conforming changes. ...more

The New World Wide Web: FATCA Inspires a Global Effort to Fight Tax Evasion

K&L Gates LLP on 6/28/2013

The rapid evolution of the Foreign Account Tax Compliance Act (“FATCA”) from a U.S. driven effort to crack down on U.S. offshore tax evaders into an information reporting mechanism being considered for adoption throughout the...more

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