Details

Service: Advisory, Tax
Type: Regulatory update
Date: 2/9/2012

United States - FATCA proposed regulations are issued

February 8: The Treasury Department and IRS today 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, and withholding on certain payments made to foreign financial institutions and other foreign entities under the Foreign Account Tax Compliance Act (FATCA).

For text of the 389-page proposed regulations: REG-121647-10

Since FATCA's enactment in March 2010, the IRS has issued several rounds of guidance, but today's regulations have been much anticipated by taxpayers affected by the FATCA withholding tax regime and the approaching January 1, 2013 effective date.

REG-121647-10 is scheduled to be published in the Federal Register on Wednesday, February 15, 2012.

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