Since the enactment of the Foreign Account Tax Compliance Act (FATCA) in March 2010, the IRS issued several rounds of preliminary guidance prior to the release of proposed regulations on February 8, 2012. KPMG has prepared an analysis that examines these provisions.
The Treasury Department and IRS released for publication in the Federal Register proposed regulations (REG-121647-10) as guidance concerning information reporting by foreign financial institutions for U.S. accounts.
The IRS released an advance copy of Notice 2011-53 which provides a timeline for the implementation of information reporting and withholding provisions under chapter 4 of the Code (referred to as "FATCA").