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Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S.taxpayers with investments in offshore accounts.

Under FATCA, U.S. taxpayers with financial assets outside the United States must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

Information for U.S. Taxpayers Information for Foreign Financial Institutions
  • "Summary of Key FATCA Provisions"
  • Draft Form 8938 — "Statement of Specified Foreign Financial Assets"
  • Draft Form 8938 Instructions — The 6038D regulations will provide the basis for final instructions for Form 8938, but they are not yet available.
  • Notice 2011-55 — Suspends certain information reporting requirements until the IRS releases new Form 8938 (Statement of Foreign Financial Assets) and a revised Form 8621 (Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund).
  • "Summary of Key FATCA Provisions"
  • News Release — (IR-2011-76, 7/14/2011) "Treasury and IRS Issue Guidance Outlining Phases Implementation of FATCA Beginning in 2013."
  • Notice 2011-53 — Chapter 4, "Implementation Notice," describes the timeline for the implementation of FATCA and discusses matters that will be addressed in regulations by Treasury and the IRS.
  • Notice 2011-34 — "Supplemental Notice to Notice 2010-60, Providing Further Guidance and Requesting Comments on Certain Priority Issues Under Chapter 4 of Subtitle A of the Code"
  • Notice 2010-60 — "Notice and Request for Comments Regarding Implementation of Information Reporting and Withholding Under Chapter 4 of the Code," IRB 2010-37, dated September 13, 2010.
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