FATCA, U.S. Treasury, FFI

Las FFI Modelo 1 Obtienen Alivio Temporario De Informes FATCA

Foodman CPAs & Advisors on 1/12/2023

El 12/30/22, el IRS emitió el Aviso 2023-11 con el propósito de proporcionar alivio de informes FATCA a las FFI Modelo 1 que no han podido obtener los TINs (“Tax ID Numbers”) de los EE. UU. para sus cuentas preexistentes que...more

Model 1 FFIs Get FATCA Temporary Reporting Relief

Foodman CPAs & Advisors on 1/10/2023

On 12/30/22, the IRS issued Notice 2023-11 with the purpose of providing FATCA reporting relief to Model 1 FFIs who have been unable to obtain US TINs for their pre-existing accounts that are US reportable accounts. In turn,...more

FATCA: Significant Relief in New Proposed Regulations

Proskauer - Tax Talks on 12/18/2018

On December 13, 2018, the Internal Revenue Service (the “IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued proposed regulations (the “Proposed Regulations”) addressing various aspects of the withholding...more

FATCA Update: More Guidance, IGAs, Forms Announced by Treasury and IRS

Blank Rome LLP on 1/9/2015

1. The United States announced the signing of two more Intergovernmental Agreements (IGAs) to implement FATCA. The latest IGAs were signed by the Netherlands and Curacao, and are dated December 18 and 16, respectively. Both...more

FATCA Update: Treasury Extends Time for Jurisdictions with Agreed-in-Substance IGAs to be Treated as if They Had an IGA in Effect

Blank Rome LLP on 12/16/2014

On December 1, 2014, Treasury and the IRS issued Announcement 2014-38 which provides relief to those countries which have reached FATCA Intergovernmental Agreements (IGAs) in substance, but have not signed such agreements....more

FATCA Update: Treasury Clarifies Obligations of Participating FFIs to Report Pre-Existing Accounts

Blank Rome LLP on 11/18/2014

Earlier today, Treasury and the IRS issued yet another correcting amendment to the previously-issued regulations implementing the Foreign Account Tax Compliance Act (FATCA). FATCA become effective on July 1, 2014, and...more

FATCA Update: Brazil Signs IGA with U.S. and Treasury Releases More Guidance

Blank Rome LLP on 9/29/2014

On September 24, 2014, the government of Brazil announced it had signed an intergovernmental agreement with the United States as part of its adoption of the requirements of the Foreign Account Tax Compliance Act (FATCA). The...more

After All the Preparation, It’s Finally Here: FATCA Becomes Effective July 1, 2014

Eversheds Sutherland (US) LLP on 7/1/2014

More than four years after Congress enacted the Hiring Incentives to Restore Employment Act of 2010, Pub. L. 111-147, which added the Foreign Account Tax Compliance Act (FATCA) provisions to the Internal Revenue Code, FATCA...more

FATCA Update: Treasury and IRS Release Wave of Guidance as July 1 Approaches

Blank Rome LLP on 6/30/2014

With the July 1, 2014, implementation date of the Foreign Act Tax Compliance Act (FATCA) just two days away, the Treasury Department and the Internal Revenue Service have published long-awaited, and much anticipated, guidance...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 Extends FATCA Compliance Date, Announces Other Amendments Affecting Foreign Banks

Ballard Spahr LLP on 5/13/2014

The Internal Revenue Service (IRS) recently announced in Notice 2014-33 that 2014 and 2015 will be transitional years from an administrative and enforcement perspective regarding the implementation of the Foreign Account Tax...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, 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

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

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

FATCA: Final Regulations Raise Questions for Trust Practitioners

Butler Snow LLP 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

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

Akerman LLP 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

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

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

Foreign Account Tax Compliance Act › U.S. Treasury › Foreign Financial Institutions

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