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
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