20 January 2017

44975

Retired Member

2,133Posts 7,100,621Views 2,391Comments
Finextra community

Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

IRS releases final regulations to implement FATCA

07 March 2014  |  1497 views  |  0

The U.S. Department of the Treasury and Internal Revenue Service (IRS) has released the last substantial package of regulations necessary to implement the Foreign Account Tax Compliance Act (FATCA). In pursuit of its objective to detect and deter offshore tax evasion, FATCA seeks to obtain information on accounts held by US taxpayers in other countries. It requires US financial institutions to withhold a portion of certain payments made to certain foreign financial institutions (FFIs) that do not agree to identify and report information on US account holders.

These regulations make additions and clarifications to previously issued FATCA regulations and provide guidance to coordinate FATCA rules with pre existing due diligence, reporting, and withholding requirements under other provisions of the Internal Revenue Code (Code).

Related link:
http://www.treasury.gov/press-center/press-releases/Pages/jl2296.aspx 

Comments: (0)

Comment on this story (membership required)

Latest posts from

Retired's profile

job title
location
member since 2014
Summary profile See full profile »

Retired's expertise

Member since 2009
2133 posts2,391 comments
What Retired reads

Who's commenting on Retired's posts

Ketharaman Swaminathan
Alex Aleksandrovski
Melvin Haskins
João Bohner
Steven Hatton
Kunal Patel
Graham Seel
Nikhil Thadani
Richard Crookston
Jean-Bernard Tanqueray
Daniel Smith
Gerard Hergenroeder