FATCA regulations updated but deadlines loom

By Witold Jurewicz and Michael Greenberg

The US Department of the Treasury and the Internal Revenue Service have released what they refer to as the ‘last substantial package of regulations’ necessary to implement the Foreign Account Tax Compliance Act (FATCA).

The regulatory package, released late in February, includes proposed and temporary regulations that contain several tweaks to the final Treasury regulations implementing FATCA and incorporate the amendments previewed in IRS Notice 2013-69.

FATCA enters into force on 1 July 2014. Over the past several months, the IRS has, among other things, opened the FATCA registration website, published a final version of the FFI Agreement, continued negotiating, finalising and signing numerous intergovernmental agreements (IGAs) and finalised a FATCA-tailored Form W-9. A final version of Form 8966, which financial institutions and withholding agents will file to report account-holder information under FATCA, has also recently been released…

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