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September 10, 2013: IRS Releases FATCA Technical Corrections

Foreign Account Tax Compliance Act (FATCA)


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IRS releases FATCA technical corrections

The IRS has released technical corrections to the FATCA Regulations; a 37 page document containing only specific edits to the final regulations (TD 9610), which were published in the Federal Register on January 28, 2013. The edits do not appear to be substantial but were provided to clarify or correct certain parts of the Regulations including incorrect citations and unclear cross references. The technical corrections became effective on September 10, 2013. Once we complete an analysis of the technical corrections, we will release additional details on any key changes to the FATCA Regulations.

Another important point to note is that the technical corrections are only the first set of changes expected for the FATCA Regulations. The IRS also intends to release substantive changes to the Regulations in a separate update later this year. It is expected that the substantive changes may provide additional rules related to disregarded entities, address certain outstanding industry issues, and incorporate the changes in Notice 2013-43. Additionally, the IRS has indicated that they will be publishing updated Chapter 3 and Chapter 61 Regulations at the same time, which are expected to better align these rules with FATCA.

Full article and copy of the FATCA technical corrections are available for download. For more information please contact a Deloitte FATCA Leader or click here.

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.

 

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