Ten questions you wanted to ask about FATCA but were afraid to ask
The original content for this article is now out of date please refer to the analysis of FATCA outlined below:
The Road Ahead: An In-depth Analysis of the Final FATCA Regulations
Foreign Account Tax Compliance Act (FATCA)
On January 17, 2013, the U.S. Treasury Department and IRS released the long-awaited final regulations for the Foreign Account Tax Compliance Act (“FATCA”). FATCA represents the United States Government’s efforts to prevent U.S. taxpayers who hold financial assets in non-U.S. financial institutions and other offshore vehicles from avoiding their U.S. tax obligations.
The attached analysis highlights several of the specific takeaways from the 544 pages making up the final regulations and preamble, including the following content:
- Overview and history of FATCA
- Withholdable payments under FATCA
- Entity classification
- U.S. withholding agent requirements
- Foreign financial institutions requirements
As used in this document, “Deloitte” means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
Last updated Tuesday, 18 June 2013