Taking yet another step toward its goal of addressing off-shore account reporting, in 2010 the Obama Administration enacted FATCA. Most notably, FATCA will require foreign banks to report and disclose U.S. interests in foreign financial institutions (FFIs). FATCA seeks to enforce reporting of U.S. held foreign accounts by mandating 30 percent withholding on U.S. source income (including gross sales proceeds), should any account holder or FFI not comply.
FATCA Resource Library
Foreign Account Tax Compliance Act (FATCA): Relevance and impact
On February 8, 2012, the U.S. Treasury Department released proposed regulations on the Foreign Account Tax Compliance Act (“FATCA”). Deloitte’s FATCA specialists are currently reviewing and interpreting the final guidance, nearly 400 pages in length, focusing in particular on new or amended impacts and implications as compared with preliminary guidance. In the next 24 hours, look for a summary of our FATCA team's analysis and point of view on the final regulations.
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IRS and Treasury issue regulations for FATCA implementations Read the IRS news release. In addition, the Treasury Department released a Joint Statement of Intergovernmental Approach to Improving International Tax Compliance. |
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Six takeaways from proposed FATCA rules issued by the U.S. Treasury Department and IRS The U.S. Treasury Department and IRS recently released nearly 400 pages of proposed regulations that detail their plans to implement FATCA. Here are six essential points to consider. |
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Please connect with a Deloitte FATCA Leader if you have any questions or need FATCA assistance in the interim. |
Watch the FATCA webcast replay: February 8, 2012 Treasury and IRS proposed regulations on FATCA
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To learn more about Deloitte's FATCA services, contact us at FATCA@deloitte.com.
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FATCA key dates
